Business
DXP Enterprises Announces Fourth Quarter and Fiscal 2019 Results
Fiscal 2019 sales of $1.3 billion, up 4.2%, Full year GAAP diluted EPS of $1.96 Net income of $35.9 million $91.3 million in earnings before interest, taxes,
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\nFiscal 2019 sales of $1.3 billion, up 4.2%,\n\n\nFull year GAAP diluted EPS of $1.96\n\n\nNet income of $35.9 million\n\n\n$91.3 million in earnings before interest, taxes, depreciation and amortization (“EBITDA”)\n\n\n$13 million in growth capital expenditures\n\n\nFree cash flow of $19.2 million\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the fourth quarter and year ended December 31, 2019. The following are results for the three months and twelve months ended December 31, 2019, compared to the three months and twelve months ended December 31, 2018. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\n\nFourth Quarter 2019 financial highlights:\n\n\n\nSales decreased 5.0 percent to $295.5 million, compared to $311.0 million for the fourth quarter of 2018.\n\n\nEarnings per diluted share for the fourth quarter was $0.12 based upon 18.4 million diluted shares, compared to $0.60 per share in the fourth quarter of 2018, based on 18.4 million diluted shares.\n\n\n\nFiscal Year 2019 financial highlights:\n\n\n\nSales increased 4.2 percent to $1.3 billion, compared to $1.2 billion for 2018.\n\n\nEarnings per diluted share for 2019 of $1.96 based upon 18.4 million diluted shares, compared to $1.94 per share in 2018, based on 18.4 million diluted shares.\n\n\nEarnings before interest, taxes, depreciation and amortization (EBITDA) for 2019 was $91.3 million compared to $95.8 million for 2018. EBITDA as a percentage of sales was 7.2 percent and 7.9 percent, respectively.\n\n\n$13 million in growth capital expenditures\n\n\n\nDavid R. Little, Chairman and CEO commented, “DXP reported fiscal 2019 sales of $1.3 billion, a 4.2 percent growth over 2018. We invested in expanding our facilities, products and corporate support capabilities in FY 2019. 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 sid...