Posted November 9, 2022

DXPE's 3Q sales up 33.8 percent

DXP Enterprises reported that its third-quarter sales increased 33.8 percent to $387.3 million, compared to $289.5 million for the third quarter of 2021.

DXP EnterprisesNet income for the third quarter was $13.3 million, or 67 cents per diluted share, compared to $7.1 million, or 36 cents, for the corresponding prior-year period.

“Our sales growth is being fueled by diversifying into new markets, selling innovative products in new and existing markets, and helping our customers with environmental projects," said David R. Little, chairman and CEO. "Our acquisition strategy is focused on stable essential markets that are environmentally friendly. Our results are improving with 33.8 percent year-over-year and 5.3 percent sequential sales growth and 9 percent Adjusted EBITDA margin."

Service Centers’ revenue for the quarter was $260.1 million, an increase of 22.4 percent year-over-year with a 13.7 percent operating income margin.

Innovative Pumping Solutions’ revenue for the quarter was $59.0 million, an increase of 62.0 percent year-over-year with a 12.4 percent operating income margin.

Supply Chain Services’ revenue for was $68.2 million, an increase of 68.3 percent year-over-year with a 7.8 percent operating income margin.