Business
DXP Enterprises Reports Second Quarter 2022 Results
$367.8 million in sales, a 15.2 percent sequential and 28.7 percent year-over-year increase Net income of $14.4 million versus $8.1 million compared to Q2
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$367.8 million in sales, a 15.2 percent sequential and 28.7 percent year-over-year increase\n\n\nNet income of $14.4 million versus $8.1 million compared to Q2 2021\n\n\nGAAP diluted EPS of $0.74\n\n\n$32.6 million in earnings before interest, taxes, depreciation & amortization and other non-cash charges (\"Adjusted EBITDA\")\n\n\nClosed the acquisition of Cisco Air Systems, Inc.\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the second quarter ended June 30, 2022. The following are results for the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021 and sequentially for the three months ended March 31, 2022, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\nSecond Quarter 2022 financial highlights:\n\n\nSales increased 28.7 percent to $367.8 million, compared to $285.7 million for the second quarter of 2021 and approximately 15.2 percent compared to $319.4 million for the first quarter of 2022.\n\n\nEarnings per diluted share for the second quarter were $0.74 based upon 19.6 million diluted shares, compared to earnings of $0.41 per share in the second quarter of June 30, 2021, based on 20.1 million diluted shares.\n\n\nNet income for the second quarter was $14.4 million, compared to $8.1 million for the corresponding prior-year period.\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization and other non-cash charges (Adjusted EBITDA) for the second quarter of 2022 was $32.6 million compared to $28.3 million for the first quarter of 2022 and $22.7 million for the second quarter of 2021.\n\n\nDavid R. Little, Chairman and CEO remarked, “Our second quarter financial results reflect broad based strength across DXP. We are pleased with our sequential and year-over-year sales growth and continual strength in EBITDA margins. We have underlying business momentum while our industry continues to effectively manage through inflationary pressures. This resulted in operating leverage that produced earnings per share of $0.74. DXP's second quarter 2022 sales were $367.8 million, or a 28.7 percent increase over the second quarter of 2021. Organic sales for the quarter were $346.5 million and acquisitions contributed $21.3 million in sales. ...