Business
DXP Enterprises Provides Update on Fiscal 2023 Q1 Financial Performance
Preliminary $424.3 million in sales, a 4.4 percent sequential and 32.8 percent year-over-year increase Preliminary $43.1 million in earnings before interest,
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\nPreliminary $424.3 million in sales, a 4.4 percent sequential and 32.8 percent year-over-year increase\n\n\n\nPreliminary $43.1 million in earnings before interest, taxes, depreciation & amortization and other non-cash charges (\"Adjusted EBITDA\")\n\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE), is pleased to provide shareholders with a preannouncement of DXP’s financial performance for the first quarter ending March 31, 2023, which features significant growth in sales, operating income, earnings before interest, taxes, depreciation, and amortization (\"EBITDA\") and diluted earnings per common share (“EPS”).\n\n\nPreliminary Q1 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\nGAAP operating income is expected to be $35.4 million, an increase of 64.2%, compared to 2022.\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\nQ1 2023 EPS is expected to be in the range of $0.86 to $0.92\n\n\n\nPreliminary Financial Results:\n\n\nThe preliminary results above are unaudited and are based on management’s initial review of DXP’s financial results for the first quarter ended March 31, 2023. In preparing this information, management made complex and subjective judgments and estimates about the appropriateness of certain reported amounts and disclosures. Our actual financial results for the three months ended March 31, 2023, have not yet been finalized by management and remain subject to the completion of management’s final review and our other closing procedures. These preliminary estimated results do not represent a comprehensive statement of all financial results for the first quarter ending March 31, 2023. We are required to consider all available information through the finalization of our financial statements and their possible impact on our financial conditions and results of operations for the period, including the impact of such information on the complex judgments and estimates referr...