Business
DXP Enterprises Reports Third Quarter 2021 Results
$289.5 million in sales, 31.5% year-over-year increase GAAP diluted EPS of $0.36 $63.1 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$289.5 million in sales, 31.5% year-over-year increase\n\n\nGAAP diluted EPS of $0.36\n\n\n$63.1 million in cash and cash equivalents\n\n\nFree cash flow for the quarter of $5.2 million\n\n\nClosed the acquisition of Process Machinery and Premier Water\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the third quarter ended September 30, 2021. The following are results for the three and nine months ended September 30, 2021, compared to the three and nine months ended September 30, 2020 and sequentially for the three months ended June 30, 2021, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\nThird Quarter 2021 financial highlights:\n\n\nSales increased 31.5 percent to $289.5 million, compared to $220.2 million for the third quarter of 2020 and $285.7 million for the second quarter of 2021.\n\n\nEarnings per diluted share for the third quarter was $0.36 based upon 19.6 million diluted shares, compared to a loss of $1.95 per share in the third quarter of September 30, 2020, based on 17.8 million diluted shares.\n\n\nNet income for the third quarter was $7.1 million, compared to a loss of $34.7 million for the prior-year period.\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the third quarter of 2021 was $18.8 million compared to $22.6 million for the second quarter of 2021 and $13.7 million for the third quarter of 2020.\n\n\nCash flow from operations was $6.6 million, compared to $7.6 million for the second quarter of 2021.\n\n\nFree cash flow (cash flow from operations less capital expenditures) for the third quarter of 2021 was $5.2 million, compared to $6.8 million in the second quarter of 2021.\n\n\nDavid R. Little, Chairman and CEO commented, “We are pleased to report our third quarter financial results. DXP's third quarter sales included year-over-year increases across all three business segments. Total DXP sales increased sequentially and were essentially flat from a sales per business day standpoint compared to Q2 with continued improvement in gross margins. Service Centers led the way with strong performance across all comparatives. Our improved momentum continued in the third quarter as our DXPeople worked together to manage through s...