Business
DXP Enterprises Reports First Quarter 2021 Results
$127.5 million in cash and cash equivalents $245.6 million in sales GAAP diluted EPS of $0.02, including significant tax reserves due to proposed state tax
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$127.5 million in cash and cash equivalents\n\n\n$245.6 million in sales\n\n\nGAAP diluted EPS of $0.02, including significant tax reserves due to proposed state tax positions ($0.06 per share)\n\n\nFree cash flow for the quarter of $11.2 million\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the first quarter ended March 31, 2021. The following are results for the three months ended March 31, 2021, compared to the three months ended March 31, 2020 and December 31, 2020, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\nFirst Quarter 2021 financial highlights:\n\n\nSales increased 5.6 percent sequentially to $245.6 million, compared to $232.7 million for the fourth quarter of 2020 and decreased 18.4% compared to $301.0 million for the first quarter of 2020.\n\n\nEarnings per diluted share for the first quarter was $0.02 based upon 20.0 million diluted shares, compared to $0.31 per share in the first quarter of March 31, 2020, based on 18.6 million diluted shares.\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the first quarter of 2021 was $13.9 million compared to $13.6 million for the fourth quarter of 2020 and $18.8 million for the first quarter of 2020.\n\n\nPost-Quarter highlights:\n\n\nClosed acquisition of Carter & Verplanck\n\n\nFurthers efforts to diversify DXP end markets and create national water and wastewater platform\n\n\nDavid R. Little, Chairman and CEO commented, “Our first quarter results reflect sequential sales growth driven by acquisitions, strong free cash flow and continued efforts to match costs to the demand of our business. We are encouraged by the sequential increases. As we look ahead to the rest of 2021, we remain optimistic that the global and U.S. economy will recover from the impact of the pandemic, in particularly, oil demand and capital projects spending which typically lags most cycles. Thank you to all our customers, vendors and DXPeople for the support and efforts in keeping safety at the forefront. DXP’s first quarter 2021 sales were $245.6 million, or a 5.6 percent increase over the fourth quarter. DXP’s industrial end markets, which is 67 percent of our business (including the recent acquisitions), appea...