Business
DXP Enterprises Reports Preliminary (Unreviewed) Second Quarter 2021 Results
$285.5 million in sales, 16.2% sequential increase GAAP diluted EPS of $0.40 $79.3 million in cash and cash equivalents Free cash flow for the quarter of
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$285.5 million in sales, 16.2% sequential increase \n\n\nGAAP diluted EPS of $0.40\n\n\n$79.3 million in cash and cash equivalents\n\n\nFree cash flow for the quarter of $6.8 million\n\n\nClosed the acquisition of Carter & Verplanck\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced preliminary (unreviewed) financial results for the second quarter ended June 30, 2021. The following are results for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020 and sequentially for the three months ended March 31, 2021, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release. The preliminary results are unaudited and are based on management’s initial review of DXP’s financial results for the three month period ended June 30, 2021.\n\nSecond Quarter 2021 financial highlights:\n\n\nSales increased 16.2 percent sequentially to $285.5 million, compared to $245.6 million for the first quarter of 2021 and increased 13.6 percent compared to $251.4 million for the second quarter of 2020.\n\n\nEarnings per diluted share for the second quarter was $0.40 based upon 20.1 million diluted shares, compared to $0.12 per share in the second quarter of June 30, 2020, based on 18.6 million diluted shares.\n\n\nNet income for the second quarter was $8.1 million, compared to $2.1 million for the prior-year period.\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the second quarter of 2021 was $22.6 million compared to $13.9 million for the first quarter of 2021 and $13.8 million for the second quarter of 2020.\n\n\nCash flow from operations was $7.6 million, compared to $63.4 million for the prior-year period.\n\n\nFree cash flow (cash flow from operations less capital expenditures) for the second quarter of 2021 was $6.8 million, compared to $61.6 million in the second quarter of 2020.\n\n\nDavid R. Little, Chairman and CEO commented, “I am pleased that DXP’s performance continues to strengthen as we accelerate into the COVID-19 recovery. Our team continued to improve execution in the second quarter, driving sequential sales growth, and gross margin improvement while maintaining cost discipline. As a result of this performance and the team’s execution, we are co...