Business
DXP Enterprises Reports Fourth Quarter and Fiscal 2021 Results
Fiscal 2021 sales of $1.1 billion, up 10.8 percent from fiscal 2020 Solid full Year GAAP diluted EPS of $0.83 $70.2 million in earnings before interest,
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\nFiscal 2021 sales of $1.1 billion, up 10.8 percent from fiscal 2020\n\n\nSolid full Year GAAP diluted EPS of $0.83\n\n\n$70.2 million in earnings before interest, taxes, depreciation, amortization and other non-cash charges (\"Adjusted EBITDA\")\n\n\n$49.0 million in cash \n\n\nFree cash flow for the year of $32.8 million\n\n\nClosed three acquisitions during the fiscal year - Carter & Verplanck, Process Machinery and Premier Water \n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the fourth quarter and fiscal year ended December 31, 2021. The following are results for the three and twelve months ended December 31, 2021, compared to the three and twelve months ended December 31, 2020. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\nFourth Quarter 2021 financial highlights:\n\n\nSales grew 26.0 percent to $293.1 million, compared to $232.7 million for the fourth quarter of 2020.\n\n\nEarnings per diluted share for the fourth quarter was $0.05 based upon 19.6 million diluted shares, compared to $(0.18) per share in the fourth quarter of 2020, based on 17.8 million diluted shares. Excluding inventory impairment charges and debt extinguishment costs, earnings per diluted share was $0.13 per share, for the fourth quarter of 2020.\n\n\nFiscal Year 2021 financial highlights:\n\n\nSales increased 10.8 percent to $1.1 billion, compared to $1.0 billion for 2020.\n\n\nEarnings per diluted share for 2021 was $0.83 based upon 19.8 million diluted shares, compared to a loss of $(1.65) per share in 2020, based on 17.7 million basic shares. Excluding non-cash impairment and other one-time charges of $59.9 million, and $5.4 million in debt extinguishment costs, earnings per diluted share were $0.73 per share, assuming a 22.5% tax rate for full year 2020 .\n\n\nAdjusted EBITDA for 2021 was $70.2 million compared to $59.0 million for 2020. Adjusted EBITDA as a percentage of sales was 6.3 percent and 5.9 percent, respectively.\n\n\nFree cash flow (cash flow from operating activities less capital expenditures) for the full year was $32.8 million.\n\n\nDavid R. Little, Chairman and CEO commented, “Given that our oil and gas customers' budgets were significantly reduced and the impact of COVID were stronger during the first of half of...