DXP Enterprises profits up 12.9%
DXP Enterprises announced net income rose 12.9% to $13.7 million for the second quarter.
That compares to earnings of $12.2 million for the same quarter last year. Earnings per share improved to 90 cents per diluted share, compared to 80 cents last year.
Sales increased 17.6% to $307.9 million from $261.9 million for the same period in 2012. After excluding sales from acquisitions of $45.3 million, on a same-store sales basis, sales for the quarter increased 0.3%.
Net income for the six months was $27.0 million, with diluted earnings per share of $1.77 compared to net income of $23.8 million, or $1.57, for the first half of 2012. Sales for the six months increased 16.3% to approximately $598.0 million.
"We are pleased with our second quarter results and see positive momentum in parts of our businesses," said David R. Little, chairman and chief executive officer. "During the quarter, we delivered organic growth consistent with our expectations outlined in the first quarter.
The company completed the acquisitions of Natpro and Tucker Tool during the quarter.
"DXP’s Service Centers, Supply Chain Services and Innovative Pumping Solutions are focused on battling for market share in today’s choppy environment while not losing sight of profitability and cash flow generation," Little added.
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.
