Business
DXP Enterprises Reports Third Quarter 2022 Results
$387.3 million in sales, a 5.3 sequential and 33.8 percent year-over-year increase Net income of $13.2 million versus $7.1 million compared to Q3 2021 GAAP
About this update from Dxp Enterprises, Inc.
[{"type":"text","content":"\n\n$387.3 million in sales, a 5.3 sequential and 33.8 percent year-over-year increase\n\n\nNet income of $13.2 million versus $7.1 million compared to Q3 2021\n\n\nGAAP diluted EPS of $0.67\n\n\nNon-GAAP diluted EPS of $0.75\n\n\n$34.3 million in earnings before interest, taxes, depreciation & amortization and other non-cash charges (\"Adjusted EBITDA\")\n\n\nClosed the acquisition of Sullivan Environmental Technologies, Inc.\n\n\n HOUSTON--(BUSINESS WIRE)--\nDXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the third quarter ended September 30, 2022. The following are results for the three and nine months ended September 30, 2022, compared to the three and nine months ended September 30, 2021 and sequentially for the three months ended June 30, 2022, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.\n\nThird Quarter 2022 financial highlights:\n\n\nSales increased 33.8 percent to $387.3 million, compared to $289.5 million for the third quarter of 2021 and 5.3 percent compared to the second quarter of 2022.\n\n\nEarnings per diluted share for the third quarter were $0.67 based upon 19.7 million diluted shares, compared to earnings of $0.36 per share in the third quarter of September 30, 2021, based on 19.6 million diluted shares. Excluding one-time non-cash charges of $1.2 million, earnings per diluted share was $0.75, assuming a 25.1 percent tax rate.\n\n\nNet income for the third quarter was $13.3 million, compared to $7.1 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 third quarter of 2022 was $34.3 million compared to $18.8 million for the third quarter of 2021.\n\n\nDavid R. Little, Chairman and CEO remarked, “Thanks to solid execution by our employees, DXP posted strong record sales results for our third quarter of 2022. Our sales growth is being fueled by diversifying into new markets, selling innovative products in new and existing markets, and helping our customers with environmental projects. Our acquisition strategy is focused on stable essential markets that are environmentally friendly. Our results are improving with 33.8 percent year-over-year and 5.3 percent sequential sales growth and 9 perc...