Posted May 10, 2022

DXP Enterprises Q1 sales up 30.1 percent

DXP Enterprises said its first-quarter sales increased 30.1 percent to $319.4 million, compared to $245.6 million for the first quarter of 2021.

Net income for the first quarter was $12.6 million, or 65 cents per diluted share, compared to $371,000, or 2 cents per share, for the prior-year period.

"Our first quarter results reflect what we see as momentum building in our business. We are pleased with DXP's first quarter results which included sequential sales and operating income growth across all three business segments," said David R. Little, Chairman and CEO. 

During the first quarter, sales were $218.8 million for Service Centers, $53.1 million for Innovative Pumping Solutions and $47.6 million for Supply Chain Services.

"Most of our customers and the markets we serve continue to show improvement which began in the third and fourth quarter of last year. We have added three acquisitions since the beginning of the year and we expect to close more moving further into fiscal year 2022," Little added.