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DXP Enterprises Announces 2011 Third Quarter Results

Stocks in this article: DXPE

DXP Enterprises, Inc. (NASDAQ: DXPE) today announced net income of $8.3 million for the third quarter ended September 30, 2011 with diluted earnings per share of $0.55 compared to net income of $5.3 million and diluted earnings per share of $0.36 for the third quarter of 2010. Sales increased $35.6 million, or 20.7%, to approximately $207.9 million from $172.2 million for the same period in 2010. After excluding the $6.0 million of sales of D&F, acquired on December 1, 2010, sales for the third quarter of 2011 increased 17.2% over the same period in 2010.

Net income for the nine months ended September 30, 2011 was $22.2 million, with diluted earnings per share of $1.47 compared to net income of $13.5 million and diluted earnings per share of $0.93 for the first nine months of 2010. Sales for the nine months ended September 30, 2011 increased $102.1 million, or 21.0%, to approximately $588.6 million from $486.5 million for the same period in 2010. After excluding the effect of acquisitions, sales for the first nine months of 2011 increased $70.7 million, or 14.5%, from the first nine months of 2010.

Net income for the third quarter sequentially increased 8.7% from $7.6 million in the second quarter to $8.3 million in the third quarter of 2011. Likewise, sales sequentially increased 5.1% from $197.7 million in the second quarter to $207.9 million in the third quarter of 2011.

David R. Little, Chairman and Chief Executive Officer, remarked, “We are pleased to report a strong third quarter as our sales strategies, operational excellence program and our expert DXPeople continue to take market share. 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. We are very pleased to welcome our newest acquisition, Kenneth Crosby, to our DXP family. They have great people and are an excellent strategic fit, complementing both our existing DXP Supply Chain Service and Service Center businesses. KC accelerates our growth in the Northeast U.S. and provides strong free cash flow and will be accretive to earnings immediately. Our outlook for the remainder of 2011 and 2012 remains positive."

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