Business
DXP Enterprises Reports Third Quarter 2020 Results
$97.4 million in cash and cash equivalents $220.2 million in sales GAAP diluted EPS of $(1.95), excluding non-cash, one-time items, adjusted EPS of $0.16
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$97.4 million in cash and cash equivalents\n\n\n$220.2 million in sales\n\n\nGAAP diluted EPS of $(1.95), excluding non-cash, one-time items, adjusted EPS of $0.16\n\n\nCash flow from operating activities of $30.5 million \n\n\nFree cash flow for the quarter of $29.1 million\n\n\nRecorded $48.4 million in goodwill impairments and other one-time, non-cash charges\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the third quarter ended September 30, 2020. The following are results for the three and nine months ended September 30, 2020, compared to the three and nine months ended September 30, 2019. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\nThird Quarter 2020 financial highlights:\n\n\nSales were $220.2 million, compared to $327.2 million for the third quarter of 2019.\n\n\nEarnings per diluted share for the third quarter was $(1.95) based upon 17.8 million diluted shares, compared to $0.71 per share in the third quarter of September 30, 2019, based on 18.4 million diluted shares. Excluding non-cash impairment charges of $48.4 million, earnings per diluted share was $0.16 per share, assuming a 22.4 percent tax rate.\n\n\nAdjusted EBITDA for the third quarter of 2020 was $13.7 million, versus $13.8 million for the second quarter of 2020 and $28.6 million for the third quarter of 2019. Adjusted EBITDA as a percentage of sales was 6.2 percent versus 5.5 percent for the second quarter of 2020 and 8.7 percent in 2019, respectively.\n\n\nFree cash flow (cash flow from operating activities less capital expenditures) for the third quarter of 2020 was $29.1 million compared to $5.3 million for the third quarter of 2019.\n\n\nDavid R. Little, Chairman and CEO commented, “Our solid execution and focus in a challenging environment continued to deliver reasonable results with significant progress in the quarter serving our customers, most notably $29.1 million in resilient free cash flow and a continued strong balance sheet. Our cash from operations continues to put us in a position to grow the business when the opportunity presents itself and pay down debt, when appropriate. We are aggressively working opportunities to sharpen our focus, transform our operations and continue investing in growth areas, with the customer a...