Business
DXP Enterprises, Inc. Reports Second Quarter 2024 Results
$49.9 million in cash $445.6 million in sales, an 8.0 percent sequential and 4.1 percent year-over-year increase GAAP diluted EPS of $1.00 $48.2 million in
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$49.9 million in cash\n\n\n\n$445.6 million in sales, an 8.0 percent sequential and 4.1 percent year-over-year increase\n\n\n\nGAAP diluted EPS of $1.00\n\n\n\n$48.2 million in earnings before interest, taxes, depreciation & amortization and other non-cash charges (\"Adjusted EBITDA\")\n\n\n\nFree Cash Flow of $30.0 million for the six months ended June 30, 2024\n\n\n\nCompleted four acquisitions through Q2; two water, and two industrial rotating equipment companies\n\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (\"DXP\" or the \"Company\") (NASDAQ: DXPE) today announced financial results for the second quarter ended June 30, 2024. The following are results for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, and March 31, 2024, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\n\nSecond Quarter 2024 Financial Highlights:\n\n\n\nSales increased 8.0 percent sequentially to $445.6 million, compared to $412.6 million for the first quarter of 2024 and increased 4.1 percent compared to $428.0 million for the second quarter of 2023.\n\n\n\nNet income for the second quarter was $16.7 million, compared to $19.1 million for the second quarter of 2023 and $11.3 million for the first quarter of 2024.\n\n\n\nEarnings per diluted share for the second quarter was $1.00 based upon 16.7 million diluted shares, compared to $1.06 earnings per diluted share in the second quarter of 2023, based on 18.1 million diluted shares. Adjusted diluted earnings per share was $1.02 for the second quarter compared to $1.06 in the second quarter of 2023.\n\n\n\nAdjusted EBITDA for the second quarter was $48.2 million compared to $45.3 million for the second quarter of 2023. Adjusted EBITDA as a percentage of sales, or Adjusted EBITDA margin, was 10.8 percent and 10.6 percent, respectively.\n\n\n\nFree Cash Flow (cash flow from operating activities less capital expenditures) for the second quarter was $5.9 million, compared to $(4.2) million for the second quarter of 2023.\n\n\n\nDavid R. Little, Chairman and Chief Executive Officer commented, \"Second quarter results reflect the execution of our growth strategy and the resilience and durability of DXP’s business. We are pleased with our sequential sales growth and strength in our gross pr...