DXP Enterprises sales decline 2 percent
DXP Enterprises reported that sales were $341.6 million for the first quarter of 2015, down 2% compared to $348.5 million for the first quarter of 2014.
Organic sales decreased 5.2%, acquisitions positively impacted sales by $11.3 million.
Net income of $9.6 million was down 12.0% compared to $10.9 million for the first quarter of 2014. Income per share of 63 cents compared to per share income of 70 cents in the same quarter last year.
“During the first quarter, we experienced strong organic growth within Supply Chain Services. Sales were down within our Service Centers and Innovative Pumping Solutions businesses," said David R. Little, chairman and chief executive officer. "This was primarily driven by softness in the upstream drilling, development and completion; upstream production; and mining markets. DXP’s first quarter results were also negatively impacted by the strengthening U.S. dollar. These declines were mitigated by strength in our chemical, food & beverage and MRO industrial markets."
He added that certain end markets will continue to be challenged in the coming quarters but that DXP will continue to manage through this downturn focusing on reducing costs and protecting market position.
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.
