Business
DXP Enterprises Reports Fourth Quarter and Fiscal 2023 Results
Fiscal 2023 sales of $1.7 billion, up 13.4 percent from fiscal 2022 Solid full Year GAAP diluted EPS of $3.89 $174.3 million in adjusted earnings before
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\nFiscal 2023 sales of $1.7 billion, up 13.4 percent from fiscal 2022\n\n\n\nSolid full Year GAAP diluted EPS of $3.89\n\n\n\n$174.3 million in adjusted earnings before interest, taxes, depreciation, amortization and other non-cash charges (\"Adjusted EBITDA\")\n\n\n\nNet income of $68.8 million versus $48.2 million in fiscal 2022\n\n\n\nRefinanced Senior Secured Term Loan B raising $550 million\n\n\n\nRepurchased 1.7 million shares for $54.7 million in fiscal 2023\n\n\n\n$173.2 million in cash and restricted cash\n\n\n\nClosed three acquisitions during the fiscal year - Florida Valve, Riordan, and Alliance Pump & Mechanical\n\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, 2023. The following are results for the three and twelve months ended December 31, 2023, compared to the three and twelve months ended December 31, 2022. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\n\nFourth Quarter 2023 financial highlights:\n\n\n\nSales were $407.0 million or $6.7 million per day for the fourth quarter of 2023, compared to $406.3 million or $6.6 million per day for the fourth quarter of 2022.\n\n\n\nDiluted earnings per share for the fourth quarter was $0.94 based upon 17.0 million diluted shares, compared to $0.37 per share in the fourth quarter of 2022 based on 19.3 million diluted shares. Adjusted diluted earnings per shares was $1.12 per share compared to $0.50 per share for the fourth quarter of 2022.\n\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization and other non-cash charges (\"Adjusted EBITDA\") for the fourth quarter of 2023 was $41.9 million compared to $31.6 million for the fourth quarter of 2022. Adjusted EBITDA as a percentage of sales was 10.3 percent and 7.8 percent, respectively.\n\n\n\nFree cash flow (cash flow from operating activities less capital expenditures) for the fourth quarter was $37.3 million or 92.1 percent of EBITDA.\n\n\n\nFiscal Year 2023 financial highlights:\n\n\n\nSales increased 13.4 percent to $1.7 billion or $6.7 million per day, compared to $1.5 billion or $5.9 million per day for fiscal 2022.\n\n\n\nDiluted earnings per share for 2023 was $3.89 based upon 17.7 million diluted shares, compared to $2.47...