Business
DXP Enterprises Reports First Quarter 2022 Results
$319.4 million in sales, a 9.0 percent sequential and 30.1 percent year-over-year increase GAAP diluted EPS of $0.65 $36.7 million in cash Closed the
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$319.4 million in sales, a 9.0 percent sequential and 30.1 percent year-over-year increase\n\n\nGAAP diluted EPS of $0.65\n\n\n$36.7 million in cash \n\n\nClosed the acquisition of Drydon Equipment Inc. and Burlingame Engineers Inc.\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the first quarter ended March 31, 2022. The following are results for the three months ended March 31, 2022, compared to the three months ended March 31, 2021 and sequentially for the three months ended December 31, 2021, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\nFirst Quarter 2022 financial highlights:\n\n\nSales increased 30.1 percent to $319.4 million, compared to $245.6 million for the first quarter of 2021 and approximately 9.0 percent compared to $293.1 million for the fourth quarter of 2021.\n\n\nEarnings per diluted share for the first quarter was $0.65 based upon 19.4 million diluted shares, compared to earnings of $0.02 per share in the first quarter of March 31, 2021, based on 20.0 million diluted shares.\n\n\nNet income for the first quarter was $12.6 million, compared to $371 thousand for the prior-year period.\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the first quarter of 2022 was $28.3 million compared to $14.8 million for the fourth quarter of 2021 and $14.0 million for the first quarter of 2021.\n\n\nDavid R. Little, Chairman and CEO commented, \"Our first quarter results reflect what we see as momentum building in our business. We are pleased with DXP's first quarter results which included sequential sales and operating income growth across all three business segments. Total DXP Adjusted EBITDA also increased sequentially and resulted in strong margin improvement. We are encouraged by the organic and acquisition growth, increased earnings driven by the operating leverage we are accustom to seeing within our industry despite the current macro backdrop which includes supply chain challenges, impacts from inflation and the abating COVID crisis. Our improved momentum continued in the first quarter as our DXPeople worked together to manage through supply chain challenges and get in front of rising product costs.\n\n\"DXP’s first quarter 2021 ...