DXP Enterprises sales and earnings rise
DXP Enterprises announced third-quarter net income of $16.4 million, with diluted earnings per share of $1.07 compared to net income of $13.1 million, or 86 cents, for the third quarter of 2012.
Sales increased 13.7% to approximately $329.7 million from $289.9 million for the same period in 2012. After excluding sales from acquisitions of $28.9 million, sales for the third quarter of 2013 increased 3.8% from 2012 on a same store sales basis.
Net income for the first nine months was $43.3 million, or $2.84 per share, compared to $36.9 million, or $2.43, for the first nine months of 2012. Sales for the nine month period increased 15.4% to approximately $927.8 million from $804.1 million for the same period in 2012.
“We are pleased to report third quarter sales increases of 7% sequentially and 14% year over year. EBITDA margins continue to move in the right direction having improved 38 basis points since the beginning of the year. Strong execution enabled DXP to achieve solid results again this quarter,” said David R. Little, chairman and chief executive officer.
Mac McConnell, senior vice president and CFO, added, “We are pleased with our third quarter financial performance. Specifically, we are realizing solid free cash flow, having spent over $19 million on acquisitions while also paying down over $11 million in debt during the quarter."
Through the first nine months of 2013, DXP spent approximately $61 million on acquisitions and has room in its credit facility to support future acquisitions, McConnell added.
INDUSTRIAL SUPPLY MAGAZINE
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