Business
DXP Enterprises Reports Second Quarter 2020 Results
$78.8 million in cash and cash equivalents $251.4 million in sales GAAP diluted EPS of $0.12 Cash flow from operating activities of $63.4 million Free cash
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$78.8 million in cash and cash equivalents\n\n\n$251.4 million in sales\n\n\nGAAP diluted EPS of $0.12\n\n\nCash flow from operating activities of $63.4 million \n\n\nFree cash flow for the quarter of $61.6 million\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the second quarter ended June 30, 2020. The following are results for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\n\nSecond Quarter 2020 financial highlights:\n\n\n\nSales were $251.4 million, compared to $333.3 million for the second quarter of 2019.\n\n\nEarnings per diluted share for the second quarter was $0.12 based upon 18.6 million diluted shares, compared to $0.73 per share in the second quarter of June 30, 2019, based on 18.4 million diluted shares.\n\n\nEarnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter was $12.6 million compared to $28.7 million for the second quarter of 2019.\n\n\nFree cash flow (cash flow from operating activities less capital expenditures) for the second quarter was $61.6 million, or 489.5% of EBITDA.\n\n\n\nDavid R. Little, Chairman and CEO, commented, \"Before turning to our results, I would like to acknowledge our employees' resilience in the face of this historic COVID-19 pandemic and subsequent decline in activity levels in our oil and gas markets. As we have battled the pandemic for the last four months, our DXPeople have shown outstanding adaptability to the new working environment. They have embraced new work practices to mitigate contamination risks, while delivering outstanding product and service quality for our customers. As the pandemic lingers, we will continue to balance both safety and business priorities and strive to capture more market share. I was pleased with our team's execution on maintaining gross margins, cost discipline and our strong free cash flow generation.\"\n\n\nMr. Little continued, \"During the second quarter, we achieved $251.4 million in sales, including $4.5 million from acquisitions. In terms of our business segments for the second quarter, sales were $153.8 million for Service Centers, $60.5 million for Innovative Pumping Solutions and ...