DXP Enterprises grew by 4.2 percent in 2019
DXP Enterprises reported that sales in the fourth quarter decreased 5.0 percent to $295.5 million, compared to $311.0 million for the fourth quarter of 2018.
For the full year, sales increased 4.2 percent to $1.3 billion, compared to $1.2 billion for 2018.
Fourth-quarter net income of $2.2 million, or 12 cents per diluted share, compared to $11.1 million, or 60 cents, in the fourth quarter of 2018.
Full-year net income of $35.9 million, or $1.96 per share, grew from $35.5 million, or $1.94, the previous year.
By segment, Service Centers' revenue for the fiscal year was $762.3 million, an increase of 1.6 percent year-over-year; Innovative Pumping Solutions’ revenue for the fiscal year was $303.7 million, an increase of 4.1 percent; and Supply Chain Services’ revenue for the fiscal year was $201.3 million, an increase of 15.4 percent.
"Overall performance was positive with more strength during the first half of the year versus the third and fourth quarter. Despite the changing market environment, we made a decision to invest in the business and position DXP to continue to take market share. We believe our financial performance during the second half of the year reflects our oil and gas customers reaching their budget limits towards the end of the third quarter and remaining disciplined on the capital spending side through the fourth quarter," said David R. Little, chairman and CEO.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
