Business
DXP Enterprises, Inc. Reports Second Quarter 2023 Results
$15.5 million in cash $428.0 million in sales, a 16.4 percent year-over-year increase Net income attributable to common shareholders of $19.0 million versus
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$15.5 million in cash\n\n\n\n$428.0 million in sales, a 16.4 percent year-over-year increase\n\n\n\nNet income attributable to common shareholders of $19.0 million versus $14.4 million compared to Q2 2022\n\n\n\nGAAP diluted EPS of $1.06\n\n\n\n$45.3 million in earnings before interest, taxes, depreciation & amortization and other non-cash charges (\"Adjusted EBITDA\")\n\n\n\nCompleted the acquisitions of Riordan Materials Corporation and Florida Valve & Equipment Corp. and Environmental MD\n\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the second quarter ended June 30, 2023. The following are results for the three months ended June 30, 2023, compared to the three months ended June 30, 2022. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\n\nSecond Quarter 2023 financial highlights:\n\n\n\nSales increased 16.4 percent to $428.0 million, compared to $367.8 million for the second quarter of 2022 and 0.9 percent compared to the first quarter of 2023.\n\n\n\nEarnings per diluted share for the second quarter were $1.06 based upon 18.1 million diluted shares, compared to earnings of $0.74 per share in the second quarter of June 30, 2022, based on 19.6 million diluted shares.\n\n\n\nNet income for the second quarter was $19.1 million, compared to $14.4 million for the corresponding prior-year period.\n\n\n\nAdjusted EBITDA for the second quarter of 2023 was $45.3 million compared to $32.6 million for the second quarter of 2022. Adjusted EBITDA as a percentage of sales was 10.6 percent and 8.9 percent, respectively.\n\n\n\nDavid R. Little, Chairman and CEO commented, \"Second quarter results reflect the resilience and durability of DXP’s business. We are pleased with our sequential sales growth and strength in our gross profit margins. This resulted in operating leverage that produced earnings per share of $1.06. We continue to experience broad-based demand across our key regions, products, and end markets. DXP’s second quarter 2023 sales were $428.0 million, or a 16.4 percent increase over the second quarter of 2022. Organic sales for the quarter, increased 20.2 percent and acquisitions added $7.3 million in sales. Adjusted EBITDA grew $12.7 million, or 38.9 percent over the second quarter of 2022. During the second...