DXP Enterprises 4Q sales climb 21.9%
DXP Enterprises said its fourth quarter sales climbed 21.9% to $382.5 million, compared to $313.8 million for the fourth quarter of 2013.
Organic sales increased 5.6%, acquisitions positively impacted sales by $51.1 million.
The company posted a net loss of $88 million for the quarter, which included a pre-tax goodwill impairment charge of $117.6 million.
Sales were $1.5 billion for fiscal year 2014, compared to $1.2 billion for the fiscal year 2013, an increase of 20.8%. Organic sales increased 3.8%, acquisitions positively impacted sales by $211.5 million for 2014.
For the year, DXP recorded a loss of $45.2 million, or a loss of $2.99 per share, compared to income of $60.2 million, or $3.94 per share, in 2013.
“DXP’s fiscal year 2014 sales grew 20.8%. Innovative Pumping Solutions led the way with 66.4% sales growth driven, primarily from the acquisition of B27. DXP’s Service Centers sales grew 11.6%, followed by Supply Chain Services which grew 11.2%," said David R. Little, chairman and chief executive officer.
He added that two strategic acquisitions completed in 2014, B27 and Machinery Tooling & Supply, helped grow the Rotating Equipment and Metal Working divisions.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
