DXP Enterprises, Inc. (NASDAQ:DXPE)
today announced that for the fourth quarter ended December 31, 2011 it earned net income of $9.2 million, or $0.61 per fully diluted share. Sequentially, earnings per share improved 10.9% from $0.55 per fully diluted share, or $8.3 million in net income for the third quarter ended September 30, 2011. Compared to fourth quarter 2010 earnings of $5.9 million or $0.39 per fully diluted share, fourth quarter 2011 earnings per share improved 56.4%.
For the year ended December 31, 2011, DXP reported net income of $31.4 million, with diluted EPS of $2.08 compared to year end December 31, 2010 net income of $19.4 million, with EPS of $1.32 for an improvement of $12 million in net income or 57.6% per fully diluted share.
Sales for the fourth quarter of 2011 increased $48.7 million, or 28.7% to approximately $218.4 million from $169.7 million for the same period in 2010.
For the year ended December 31, 2011, DXP reported a sales increase of $150.8 million, or 23.0% to approximately $807.0 million from $656.2 million for 2010.
David R. Little, Chairman and Chief Executive Officer remarked, “We are pleased to report a strong fourth quarter and a rewarding 2011. Our expert workforce ("DXPeople") continue to do an amazing job. All three segments grew revenues and profits with Innovative Pumping Solutions leading the way with 33% and 64% revenue and profit growth, respectively. DXP Service Centers was second with an excellent 24% and 28% revenue and profit growth, respectively. DXP Supply Chain Services finished with 14% and 19% revenue and profit growth, respectively. We are excited about our two acquisitions, Kenneth Crosby and C.W. Rod, which will now make a fifth product division called Metal Workings Products. Note that the other four product divisions; Rotating Equipment, Bearings & Power Transmissions, Safety Services and Industrial Supply all had excellent revenue growth in 2011. We grew EBITDA margins from 7.1% in 2010 to 8.1% and we still feel good about our 10% EBITDA margin goal by 2013. Our after tax return on invested capital is one of the highest returns in our Industry at 30 plus percent. DXPeople increased from approximately 1,800 to 2,100. Our DXP Service Center Segment added six new SuperCenters for a total of 28. We built a new Atlantic ballistic distribution center to improve customer service in the South Atlantic area.