Posted May 7, 2021

DXP Enterprises sales decline 18.4 percent

DXP Enterprises said its first-quarter sales fell by 18.4 percent to $245.6 million, compared to $301.0 million for the first quarter of 2020.

Net income of $317,000, or 2 cents per diluted share, compared to income of $5.7 million, or 31 cents, in last year's first quarter.

Sequentially, sales for the quarter were 5.6 percent higher than the $232.7 million reported in the fourth quarter of 2020.

“Our first quarter results reflect sequential sales growth driven by acquisitions, strong free cash flow and continued efforts to match costs to the demand of our business. We are encouraged by the sequential increases," said David R. Little, chairman and CEO. "As we look ahead to the rest of 2021, we remain optimistic that the global and U.S. economy will recover from the impact of the pandemic, in particularly, oil demand and capital projects spending which typically lags most cycles."