DXP sales fall nearly 21 percent
DXP Enterprises reported that sales of $256.2 million for the second quarter declined 20.8 percent versus $323.7 million in the same quarter last year.
Net income of $5.1 million, or 34 cents per share, compared to net income of $7.2 million, or 47 cents, in the same quarter last year.
“We are pleased with the second quarter performance. Total DXP revenue of $256.2 million for the second quarter was up 1.0 percent sequentially. We feel strongly that our sales team is taking market share as we continue to battle volatility in our industrial markets," said David R. Little, Chairman and CEO.
Service Centers revenue for the second quarter was $161.8 million, a decline of 3.4 percent sequentially with a 7.8 percent operating income margin.
Innovative Pumping Solutions revenue for the second quarter was $54.4 million, an increase of 14.6 percent sequentially with a 10.1 percent operating income margin.
Supply Chain Services revenue for the second quarter was $40.0 million, an increase of 3.6 percent sequentially with a 10.5 percent operating margin.