Business
DXP Enterprises, Inc. Reports First Quarter 2023 Results
$58.3 million in cash $424.3 million in sales, a 4.4 percent sequential and 32.8 percent year-over-year increase Net income of $17.6 million versus $12.6
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$58.3 million in cash\n\n\n\n$424.3 million in sales, a 4.4 percent sequential and 32.8 percent year-over-year increase\n\n\n\nNet income of $17.6 million versus $12.6 million compared to Q1 2022\n\n\n\nGAAP diluted EPS of $0.95\n\n\n\n$43.1 million in earnings before interest, taxes, depreciation & amortization and other non-cash charges (\"Adjusted EBITDA\")\n\n\n\nFree cash flow of $22.6 million\n\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the first quarter ended March 31, 2023. The following are results for the three months ended March 31, 2023, compared to the three months ended March 31, 2022. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\n\nFirst Quarter 2023 financial highlights:\n\n\n\nSales increased 32.8 percent to $424.3 million, compared to $319.4 million for the first quarter of 2022 and 4.4 percent compared to the fourth quarter of 2022.\n\n\n\nEarnings per diluted share for the first quarter were $0.95 based upon 18.4 million diluted shares, compared to earnings of $0.65 per share in the first quarter of March 31, 2022, based on 19.4 million diluted shares.\n\n\n\nNet income for the first quarter was $17.6 million, compared to $12.6 million for the corresponding prior-year period.\n\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization and other non-cash charges (Adjusted EBITDA) for the first quarter of 2023 was $43.1 million compared to $28.3 million for the first quarter of 2022. Adjusted EBITDA as a percentage of sales was 10.2 percent and 8.8 percent, respectively.\n\n\n\nFree cash flow (cash flow from operating activities less capital expenditures) for the first quarter of 2023 was $22.6 million compared to $1.9 million for the first quarter of 2022.\n\n\n\n“The DXPeople continue to perform well and set new highs amidst solid demand in an ever-changing environment. All three segments delivered strong growth and good margins, while we continue to invest in our growth strategies and continue to be customer driven experts,” commented David R. Little, Chairman and CEO.\n\n\n“While managing the slowing pace of inflation and other market challenges, overall, we are off to a great start to the year, and we feel good about the outlook for 2023. With our strong, growing...