DXP Enterprises reports profitable 2021
DXP Enterprises said its fiscal 2021 sales increased 10.8 percent to $1.1 billion, compared to $1.0 billion for 2020.
Earnings of $16.4 million, or 83 cents per diluted share, compared to a net loss of $29.4 million, or a loss of $1.65 per share, in the prior year.
For the fourth quarter, sales grew 26.0 percent to $293.1 million, compared to $232.7 million for the fourth quarter of 2020. Fourth-quarter earnings of $860,000, or 5 cents per share, improved from a loss of $3.2 million, or 18 cents, in the previous year's fourth quarter.
Service Center sales were up 23.2 percent to $816.5 million, followed by Supply Chain Services growing 2.1 percent at $157.8 million and Innovative Pumping Solutions sales declined 25.8 percent to $139.6 million.
"The sales momentum from our fourth quarter has positioned us for continued success as we move into 2022. Specifically, we have now experienced two sequential quarters of organic growth within IPS," said David R. Little, chairman and CEO. "The improved but volatile conditions in our traditional end markets along with DXP setting the stage to accelerate new growth through our focus on new markets, products and continued efficiency will be a catalyst as we move forward and into 2022. We are targeting opportunities in less cyclical markets, such as water and other general industries, while supporting our customers’ aspirations to decarbonize and maximize energy efficiency. We are confident that our growth strategy, coupled with a continued focus on improving margins will drive shareholder value."
INDUSTRIAL SUPPLY MAGAZINE
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