DXP Enterprises has 28.7% sales gain
DXP Enterprises reported that its fourth-quarter sales increased 28.7% to approximately $218.4 million from $169.7 million for the same period in 2010.
Net income was $9.2 million, or 61 cents per fully diluted share, compared to earnings of $5.9 million, or 39 cents per fully diluted share, the previous year.
For the full year, sales increased 23.0% to approximately $807.0 million from $656.2 million for 2010. Full-year net income of $31.4 million, or $2.08 per share, compared to 2010 net income of $19.4 million, or $1.32 per share.
“All three segments grew revenues and profits with Innovative Pumping Solutions leading the way with 33% and 64% revenue and profit growth, respectively. DXP Service Centers was second with an excellent 24% and 28% revenue and profit growth, respectively. DXP Supply Chain Services finished with 14% and 19% revenue and profit growth, respectively," said David R. Little, chairman and chief executive officer.
Little added that two recent acquisitions, Kenneth Crosby and C.W. Rod, will comprise a fifth product division called Metal Workings Products. He said that the other four product divisions, Rotating Equipment, Bearings & Power Transmissions, Safety Services and Industrial Supply, all had "excellent revenue growth in 2011."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
