Business
DXP Enterprises Reports First Quarter 2020 Results
$32.9 million in cash and cash equivalents on the balance sheet $131.6 million in availability under ABL facility $301.0 million in sales, compared to $311.2
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$32.9 million in cash and cash equivalents on the balance sheet\n\n\n$131.6 million in availability under ABL facility\n\n\n$301.0 million in sales, compared to $311.2 million in sales in Q1 2019\n\n\nNet income of $5.7 million \n\n\nGAAP diluted EPS of $0.31\n\n\n$17.8 million in earnings before interest, taxes, depreciation and amortization (“EBITDA”) \n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the first quarter ended March 31, 2020. The following are results for the three months ended March 31, 2020, compared to the three months ended March 31, 2019. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\n\nFirst Quarter 2020 financial highlights:\n\n\n\nSales decreased 3.3 percent to $301.0 million, compared to $311.2 million for the first quarter of 2019.\n\n\nEarnings per diluted share for the first quarter was $0.31 based upon 18.6 million diluted shares, compared to $0.40 per share in the first quarter of March 31, 2019, based on 18.4 million diluted shares.\n\n\nEarnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter was $17.8 million compared to $21.1 million for the first quarter of 2019.\n\n\nExpanded ABL facility from $85 million to $135 million with no changes in pricing or terms.\n\n\n\nDavid R. Little, Chairman and CEO commented, “These are unprecedented times and I want to thank each of our DXPeople for their efforts and commitment. DXP appreciates the help of all medical professionals and first responders in our various communities. Also, DXP appreciates the support of our DXP suppliers as we navigate our new normal together. As an ‘essential business’, we felt responsible to provide excellent service to our customers (who themselves were deemed as 'essential'). By providing products and services, we were assisting them in keeping the economy functioning during these difficult times. In terms of our priorities at DXP, our first priority was the health and safety of our DXPeople and supporting national efforts to stop the spread of the Coronavirus. We took immediate steps in the U.S.A, Canada and Dubai at our facilities by working in small teams and or through work rotations. We did this so that if we needed to quarantine one team, we could still continue to s...