Posted July 28, 2011
DXP Enterprises sales and earnings rise
DXP Enterprises announced net income of $7.6 million for the second quarter, or 50 cents per share, compared to $4.6 million, or 31 cents per share, for the second quarter of 2010.
Sales increased 18.2% to approximately $197.7 million from $167.3 million for the same period in 2010. After excluding the $6.6 million of sales of D&F, acquired on Dec. 1, 2010, sales for the quarter increased 14.2% over the same period in 2010.
Net income for the first six months of the year was $14.0 million, or 92 cents per share, compared to $8.2 million, or 57 cents per share, for the first half of 2010. Sales for the six months increased 21.1% to approximately $380.8 million.
"Most of our customers and the markets we serve continue to show improvement, especially oil and gas. DXP continues to expand organically and pursue promising acquisition opportunities," said David R. Little, chairman and chief executive officer.
Mac McConnell, senior vice president and CFO, said the company reduced total long-term debt by $8.6 million during the quarter, "providing DXP with additional flexibility to grow organically and complete acquisitions."
