DXP Enterprises, Inc. (NASDAQ: DXPE) today announced net income of $7.6 million for the second quarter ended June 30, 2011, with diluted earnings per share of $0.50 compared to net income of $4.6 million and diluted earnings per share of $0.31 for the second quarter of 2010. Sales increased $30.4 million, or 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 December 1, 2010, sales for the second quarter of 2011 increased 14.2% over the same period in 2010.
Net income for the six months ended June 30, 2011 was $14.0 million, with diluted earnings per share of $0.92 compared to net income of $8.2 million and diluted earnings per share of $0.57 for the first half of 2010. Sales for the six months ended June 30, 2011 increased $66.5 million, or 21.1%, to approximately $380.8 million from $314.3 million for the same period in 2010. After excluding the effect of acquisitions, sales for the first half of 2011 increased $41.2 million, or 13.1%, from the first half of 2010.
Net income for the second quarter sequentially increased 20.0% from $6.3 million to $7.6 million in the second quarter of 2011. Likewise, sales sequentially increased 8.0% from $183.1 million in the first quarter to $197.7 million in the second quarter of 2011.
David R. Little, Chairman and Chief Executive Officer remarked, “We are pleased to report a strong second quarter and our outlook for the second half of 2011 continues to be positive. We are especially pleased with our sequential increase in EBITDA margins, improving from 7.6% in the first quarter to 8.2% of sales in the second quarter. 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. Thanks to our DXPeople for their dedication and execution of our profitable growth strategies."
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