DXP Enterprises, Inc. Reports Third Quarter 2024 Results
DXP Enterprises reported strong Q3 2024 results with sales of $472.9 million, up 6.1% sequentially and 12.8% year-over-year. Net income reached $21.1 million with diluted EPS of $1.27. The company achieved Adjusted EBITDA of $52.4 million and Free Cash Flow of $24.4 million. Sales breakdown included $316.8 million for Service Centers, $89.8 million for Innovative Pumping Solutions, and $66.3 million for Supply Chain Services. The company completed five acquisitions through Q3 and maintained a secured leverage ratio of 2.54:1.0.
DXP Enterprises ha riportato risultati solidi per il terzo trimestre del 2024, con vendite di $472,9 milioni, in aumento del 6,1% rispetto al trimestre precedente e del 12,8% su base annua. Il reddito netto ha raggiunto $21,1 milioni con un utile per azione diluito di $1,27. L'azienda ha ottenuto un EBITDA Adjusted di $52,4 milioni e un Flusso di Cassa Libero di $24,4 milioni. La suddivisione delle vendite includeva $316,8 milioni per i Centri di Servizio, $89,8 milioni per Soluzioni di Pompe Innovative, e $66,3 milioni per Servizi della Catena di Fornitura. L'azienda ha completato cinque acquisizioni nel terzo trimestre e ha mantenuto un rapporto di leva finanziaria sicuro di 2,54:1,0.
DXP Enterprises reportó resultados sólidos para el tercer trimestre de 2024, con ventas de $472.9 millones, un aumento del 6.1% secuencialmente y del 12.8% interanual. El ingreso neto alcanzó $21.1 millones con una ganancia por acción diluida de $1.27. La empresa logró un EBITDA Ajustado de $52.4 millones y Flujos de Efectivo Libres de $24.4 millones. La desagregación de las ventas incluyó $316.8 millones para Centros de Servicio, $89.8 millones para Soluciones de Bombeo Innovadoras y $66.3 millones para Servicios de la Cadena de Suministro. La empresa completó cinco adquisiciones en el tercer trimestre y mantuvo una relación de apalancamiento asegurada de 2.54:1.0.
DXP Enterprises는 2024년 3분기 강력한 실적을 보고했으며, 매출은 $472.9백만으로, 전분기 대비 6.1% 증가하고 전년 대비 12.8% 증가했습니다. 순이익은 $21.1백만에 달했으며 희석 주당 순이익은 $1.27입니다. 회사는 조정 EBITDA가 $52.4백만, 자유 현금 흐름이 $24.4백만에 도달했습니다. 매출 분류에는 서비스 센터를 위한 $316.8백만, 혁신적인 펌핑 솔루션을 위한 $89.8백만, 공급망 서비스를 위한 $66.3백만이 포함되었습니다. 회사는 3분기 동안 5건의 인수를 완료했으며, 안전한 차입 비율인 2.54:1.0을 유지했습니다.
DXP Enterprises a annoncé des résultats solides pour le troisième trimestre 2024, avec des ventes de 472,9 millions de dollars, en hausse de 6,1 % par rapport au trimestre précédent et de 12,8 % par rapport à l'année précédente. Le revenu net a atteint 21,1 millions de dollars avec un BPA dilué de 1,27 $. L'entreprise a réalisé un EBITDA Ajusté de 52,4 millions de dollars et un Flux de Trésorerie Libre de 24,4 millions de dollars. La répartition des ventes comprenait 316,8 millions de dollars pour les Centres de Service, 89,8 millions de dollars pour des Solutions de Pompage Innovantes et 66,3 millions de dollars pour les Services de la Chaîne d'Approvisionnement. L'entreprise a complété cinq acquisitions au cours du troisième trimestre et a maintenu un ratio d'endettement sécurisé de 2,54:1,0.
DXP Enterprises berichtete über starke Ergebnisse im 3. Quartal 2024 mit einem Umsatz von $472,9 Millionen, was einem Anstieg von 6,1% im Vergleich zum vorherigen Quartal und 12,8% im Jahresvergleich entspricht. Der Nettogewinn erreichte $21,1 Millionen mit einem verwässerten Gewinn pro Aktie von $1,27. Das Unternehmen erzielte ein angepasstes EBITDA von $52,4 Millionen und einen freien Cashflow von $24,4 Millionen. Die Umsatzaufteilung umfasste $316,8 Millionen für Service-Center, $89,8 Millionen für innovative Pumpenlösungen und $66,3 Millionen für Lieferkettenservices. Das Unternehmen schloss im 3. Quartal fünf Akquisitionen ab und hielt ein gesichertes Verschuldungsverhältnis von 2,54:1,0 ein.
- Sales increased 12.8% YoY to $472.9 million
- Net income grew to $21.1 million from $16.2 million YoY
- Adjusted EBITDA increased to $52.4 million from $44.0 million YoY
- Adjusted EBITDA margin improved to 11.1% from 10.5% YoY
- Successfully completed five strategic acquisitions through Q3
- Total debt outstanding reached $544.5 million
- Diluted shares decreased from 17.4 million to 16.6 million YoY
Insights
Strong Q3 results demonstrate robust operational execution with
Key positives include improved operating leverage resulting in
The company's segment performance shows strong diversification with Service Centers leading at
The additional
-
$35.0 million -
$472.9 million -
GAAP diluted EPS of
$1.27 -
$52.4 million -
Free Cash Flow of
$24.4 million $54.4 million - Completed five acquisitions through Q3; three water, and two industrial rotating equipment companies
Third Quarter 2024 Financial Highlights:
-
Sales increased 6.1 percent sequentially to
$472.9 million $445.6 million $419.2 million
-
Net income for the third quarter was
$21.1 million $16.2 million $16.7 million
-
Earnings per diluted share for the third quarter was
$1.27 $0.93 $1.43 $0.96
-
Adjusted EBITDA for the third quarter was
$52.4 million $44.0 million $48.2 million
-
Free Cash Flow (cash flow from operating activities less capital expenditures) for the third quarter was
$24.4 million $38.3 million
David R. Little, Chairman and Chief Executive Officer commented, "The Company posted excellent third quarter financial results in a lessening inflationary and varied spending by end market, delivering solid sales, adjusted EBITDA, earnings per share and free cash flow. Third quarter results reflect the continued execution of our growth strategy and the impact of our acquisition program. We continue to set new high watermarks as DXPeople. We are pleased with our sequential sales growth and strong adjusted EBITDA margins. This resulted in operating leverage that produced earnings per share of
Kent Yee, Chief Financial Officer and Senior Vice President, remarked, "DXP achieved yet another high watermark quarter with a 6.1 percent sequential sales increase to
Conference Call Information
DXP Enterprises, Inc. management will host a conference call, November 5, 2024, at 10:30 a.m. Central Time, to discuss the Company’s financial results. The conference call may be accessed by going to https://ir.dxpe.com.
Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at https://ir.dxpe.com. The online replay will be available on the same website immediately following the call. A slide presentation highlighting the Company’s results and key performance indicators will also be available on the Investor Relations section of the Company’s website.
To learn more about DXP Enterprises, Inc., please visit the Company's website at https://www.dxpe.com
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout
Non-GAAP Financial Measures
DXP supplements reporting of net income with certain non-GAAP measurements, including EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, and Free Cash Flow. This supplemental information should not be considered in isolation or as a substitute for the unaudited GAAP measurements. Additional information regarding EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Free Cash Flow and net debt referred to in this press release are included below under "Unaudited Reconciliation of Non-GAAP Financial Information".
The Company believes EBITDA provides additional information about: (i) operating performance, because it assists in comparing the operating performance of the business, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from core operations such as interest expense and income taxes and (ii) the performance and the effectiveness of operational strategies. Additionally, EBITDA performance is a component of a measure of the Company’s financial covenants under its credit facilities. Furthermore, some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in the industry. Management believes that some investors’ understanding of performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation to its most directly comparable GAAP financial measure, the Company believes it is enhancing investors’ understanding of the business and results of operations, as well as assisting investors in evaluating how well the Company is executing strategic initiatives. Free Cash Flow reconciles to the most directly comparable GAAP financial measure of cash flows from operations as provided below. We believe Free Cash Flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to fund acquisitions, make investments, repay debt obligations, repurchase shares of the Company's common stock, and for certain other activities.
Information Related to Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include, without limitation, those about the Company’s expectations regarding the Company's expectations regarding the filing of the Form 10-Q; the description of the anticipated changes in the Company's consolidated balance sheet and the results of operations and the Company's assessment of the impact of such anticipated changes; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to: the effectiveness of management’s strategies and decisions; our ability to implement our internal growth and acquisition growth strategies; general economic and business conditions specific to our primary customers; changes in government regulations; our ability to effectively integrate businesses we may acquire; new or modified statutory or regulatory requirements; availability of materials and labor; inability to obtain or delay in obtaining government or third-party approvals and permits; non-performance by third parties of their contractual obligations; unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto; cyber-attacks adversely affecting our operations; other geological, operating and economic considerations and declining prices and market conditions, including supply or demand for maintenance, repair and operating products, equipment and service; inability of the Company or its independent auditors to complete the work necessary in order to file the Form 10-Q in the expected time frame; unanticipated changes to the Company's operating results in the Form 10-Q as filed or in relation to prior periods, including as compared to the anticipated changes stated here; unanticipated impact of such changes and its materiality; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
DXP ENTERPRISES, INC. AND SUBSIDIARIES |
|||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
($ thousands, except share amounts) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Sales |
$ |
472,935 |
|
$ |
419,249 |
|
|
$ |
1,331,126 |
|
|
$ |
1,271,556 |
|
|
Cost of sales |
|
326,825 |
|
|
293,687 |
|
|
|
923,341 |
|
|
|
889,101 |
|
|
Gross profit |
|
146,110 |
|
|
125,562 |
|
|
|
407,785 |
|
|
|
382,455 |
|
|
Selling, general and administrative expenses |
|
106,502 |
|
|
89,706 |
|
|
|
301,694 |
|
|
|
273,720 |
|
|
Income from operations |
|
39,608 |
|
|
35,856 |
|
|
|
106,091 |
|
|
|
108,735 |
|
|
Interest expense |
|
15,716 |
|
|
12,684 |
|
|
|
46,644 |
|
|
|
36,068 |
|
|
Other expense (income), net |
|
160 |
|
|
1,234 |
|
|
|
(2,844 |
) |
|
|
522 |
|
|
Income before income taxes |
|
23,732 |
|
|
21,938 |
|
|
|
62,291 |
|
|
|
72,145 |
|
|
Provision for income taxes |
|
2,631 |
|
|
5,766 |
|
|
|
13,165 |
|
|
|
19,339 |
|
|
Net income |
|
21,101 |
|
|
16,172 |
|
|
|
49,126 |
|
|
|
52,806 |
|
|
Preferred stock dividend |
|
23 |
|
|
22 |
|
|
|
68 |
|
|
|
67 |
|
|
Net income attributable to common shareholders |
$ |
21,078 |
|
$ |
16,150 |
|
|
$ |
49,058 |
|
|
$ |
52,739 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
21,101 |
|
$ |
16,172 |
|
|
$ |
49,126 |
|
|
$ |
52,806 |
|
|
Foreign currency translation adjustments |
|
380 |
|
|
(844 |
) |
|
|
(141 |
) |
|
|
(87 |
) |
|
Comprehensive income |
$ |
21,481 |
|
$ |
15,328 |
|
|
$ |
48,985 |
|
|
$ |
52,719 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.34 |
|
$ |
0.98 |
|
|
$ |
3.08 |
|
|
$ |
3.08 |
|
|
Diluted |
$ |
1.27 |
|
$ |
0.93 |
|
|
$ |
2.93 |
|
|
$ |
2.94 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
15,750 |
|
|
16,516 |
|
|
|
15,915 |
|
|
|
17,104 |
|
|
Diluted |
|
16,590 |
|
|
17,356 |
|
|
|
16,755 |
|
|
|
17,944 |
|
|
DXP ENTERPRISES, INC. AND SUBSIDIARIES |
||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
($ thousands, except share amounts) |
||||||||
|
September 30, 2024 |
|
December 31, 2023 |
|||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash |
$ |
35,000 |
|
|
$ |
173,120 |
|
|
Restricted cash |
|
91 |
|
|
|
91 |
|
|
Accounts receivable, net of allowance of |
|
337,722 |
|
|
|
311,171 |
|
|
Inventories |
|
109,787 |
|
|
|
103,805 |
|
|
Costs and estimated profits in excess of billings |
|
49,707 |
|
|
|
42,323 |
|
|
Prepaid expenses and other current assets |
|
26,637 |
|
|
|
18,044 |
|
|
Total current assets |
|
558,944 |
|
|
|
648,554 |
|
|
Property and equipment, net |
|
73,050 |
|
|
|
61,618 |
|
|
Goodwill |
|
448,103 |
|
|
|
343,991 |
|
|
Other intangible assets, net |
|
89,356 |
|
|
|
63,895 |
|
|
Operating lease right of use assets, net |
|
48,498 |
|
|
|
48,729 |
|
|
Other long-term assets |
|
10,263 |
|
|
|
10,649 |
|
|
Total assets |
$ |
1,228,214 |
|
|
$ |
1,177,436 |
|
|
|
|
|
|
|||||
LIABILITIES AND EQUITY |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Current maturities of debt |
$ |
5,500 |
|
|
$ |
5,500 |
|
|
Trade accounts payable |
|
106,802 |
|
|
|
96,469 |
|
|
Accrued wages and benefits |
|
41,230 |
|
|
|
36,238 |
|
|
Customer advances |
|
12,656 |
|
|
|
12,160 |
|
|
Billings in excess of costs and estimated profits |
|
11,911 |
|
|
|
9,506 |
|
|
Short-term operating lease liabilities |
|
14,928 |
|
|
|
15,438 |
|
|
Other current liabilities |
|
52,618 |
|
|
|
48,854 |
|
|
Total current liabilities |
|
245,645 |
|
|
|
224,165 |
|
|
Long-term debt, net of unamortized debt issuance costs and discounts |
|
519,250 |
|
|
|
520,697 |
|
|
Long-term operating lease liabilities |
|
34,922 |
|
|
|
34,336 |
|
|
Other long-term liabilities |
|
26,029 |
|
|
|
17,359 |
|
|
Total long-term liabilities |
|
580,201 |
|
|
|
572,392 |
|
|
Total liabilities |
|
825,846 |
|
|
|
796,557 |
|
|
Commitments and Contingencies |
|
|
|
|||||
Shareholders' equity: |
|
|
|
|||||
Series A preferred stock, |
|
1 |
|
|
|
1 |
|
|
Series B preferred stock, |
|
15 |
|
|
|
15 |
|
|
Common stock, |
|
345 |
|
|
|
345 |
|
|
Additional paid-in capital |
|
218,062 |
|
|
|
216,482 |
|
|
Retained earnings |
|
368,329 |
|
|
|
319,271 |
|
|
Accumulated other comprehensive loss |
|
(31,381 |
) |
|
|
(31,240 |
) |
|
Treasury stock, at cost 4,707,773 and 4,141,989 shares, respectively |
|
(153,003 |
) |
|
|
(123,995 |
) |
|
Total DXP Enterprises, Inc. equity |
|
402,368 |
|
|
|
380,879 |
|
|
Total liabilities and equity |
$ |
1,228,214 |
|
|
$ |
1,177,436 |
|
|
Business segment financial highlights:
-
Service Centers’ revenue for the third quarter was
$316.8 million
-
Innovative Pumping Solutions’ revenue for the third quarter was
$89.8 million
-
Supply Chain Services’ revenue for the third quarter was
$66.3 million
SEGMENT DATA |
||||||||||||
($ thousands, unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||
Sales |
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Service Centers |
$ |
316,831 |
|
$ |
294,459 |
|
$ |
911,783 |
|
$ |
914,078 |
|
Innovative Pumping Solutions |
|
89,825 |
|
|
58,962 |
|
|
225,417 |
|
|
158,440 |
|
Supply Chain Services |
|
66,279 |
|
|
65,828 |
|
|
193,926 |
|
|
199,038 |
|
Total Sales |
$ |
472,935 |
|
$ |
419,249 |
|
$ |
1,331,126 |
|
$ |
1,271,556 |
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||
Operating Income |
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Service Centers |
$ |
46,154 |
|
$ |
41,912 |
|
$ |
130,329 |
|
$ |
134,549 |
|
Innovative Pumping Solutions |
|
18,207 |
|
|
10,599 |
|
|
38,543 |
|
|
26,555 |
|
Supply Chain Services |
|
5,568 |
|
|
5,589 |
|
|
16,653 |
|
|
16,519 |
|
Total Segments Operating Income |
$ |
69,929 |
|
$ |
58,100 |
|
$ |
185,525 |
|
$ |
177,623 |
|
RECONCILIATION OF OPERATING INCOME FOR REPORTABLE SEGMENTS |
|||||||||||||
($ thousands, unaudited) |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Income from operations for reportable segments |
$ |
69,929 |
|
$ |
58,100 |
|
$ |
185,525 |
|
|
$ |
177,623 |
|
Adjustment for: |
|
|
|
|
|
|
|
||||||
Amortization of intangibles |
|
5,245 |
|
|
5,866 |
|
|
14,333 |
|
|
|
15,206 |
|
Corporate expenses |
|
25,076 |
|
|
16,378 |
|
|
65,101 |
|
|
|
53,682 |
|
Income from operations |
$ |
39,608 |
|
$ |
35,856 |
|
$ |
106,091 |
|
|
$ |
108,735 |
|
Interest expense |
|
15,716 |
|
|
12,684 |
|
|
46,644 |
|
|
|
36,068 |
|
Other expense (income), net |
|
160 |
|
|
1,234 |
|
|
(2,844 |
) |
|
|
522 |
|
Income before income taxes |
$ |
23,732 |
|
$ |
21,938 |
|
$ |
62,291 |
|
|
$ |
72,145 |
|
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION |
||||||||||||||||
($ thousands, unaudited) |
||||||||||||||||
The following table sets forth the reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable |
||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Income before income taxes |
$ |
23,732 |
|
|
$ |
21,938 |
|
|
$ |
62,291 |
|
|
$ |
72,145 |
|
|
Plus: Interest expense |
|
15,716 |
|
|
|
12,684 |
|
|
|
46,644 |
|
|
|
36,068 |
|
|
Plus: Depreciation and amortization |
|
8,720 |
|
|
|
7,983 |
|
|
|
24,385 |
|
|
|
21,468 |
|
|
EBITDA |
$ |
48,168 |
|
|
$ |
42,605 |
|
|
$ |
133,320 |
|
|
$ |
129,681 |
|
|
Plus: other non-recurring items(1) |
|
2,950 |
|
|
|
551 |
|
|
|
4,292 |
|
|
|
551 |
|
|
Plus: stock compensation expense |
|
1,322 |
|
|
|
864 |
|
|
|
3,398 |
|
|
|
2,211 |
|
|
Adjusted EBITDA |
$ |
52,440 |
|
|
$ |
44,020 |
|
|
$ |
141,010 |
|
|
$ |
132,443 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Operating Income Margin |
|
8.4 |
% |
|
|
8.6 |
% |
|
|
8.0 |
% |
|
|
8.6 |
% |
|
EBITDA Margin |
|
10.2 |
% |
|
|
10.2 |
% |
|
|
10.0 |
% |
|
|
10.2 |
% |
|
Adjusted EBITDA Margin |
|
11.1 |
% |
|
|
10.5 |
% |
|
|
10.6 |
% |
|
|
10.4 |
% |
|
(1) Other non-recurring items includes unique acquisition integration costs and other non-cash, non-recurring costs not related to continuing business operations. |
||||||||||||||||
The following table sets forth the reconciliation of Organic Sales and Organic Sales per Business Day to the most comparable |
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Sales by Business Segment |
|
|
|
|
|
|
|
|||||
Service Centers |
$ |
316,831 |
|
$ |
294,459 |
|
$ |
911,783 |
|
$ |
914,078 |
|
Innovative Pumping Solutions |
|
89,825 |
|
|
58,962 |
|
|
225,417 |
|
|
158,440 |
|
Supply Chain Services |
|
66,279 |
|
|
65,828 |
|
|
193,926 |
|
|
199,038 |
|
Total DXP Sales |
$ |
472,935 |
|
$ |
419,249 |
|
$ |
1,331,126 |
|
$ |
1,271,556 |
|
Acquisition Sales |
|
28,535 |
|
|
3,868 |
|
|
63,713 |
|
|
30,266 |
|
Organic Sales |
$ |
444,400 |
|
$ |
415,381 |
|
$ |
1,267,413 |
|
$ |
1,241,290 |
|
|
|
|
|
|
|
|
|
|||||
Business Days |
|
64 |
|
|
63 |
|
|
191 |
|
|
191 |
|
Sales per Business Day |
$ |
7,390 |
|
$ |
6,655 |
|
$ |
6,969 |
|
$ |
6,657 |
|
Organic Sales per Business Day |
$ |
6,944 |
|
$ |
6,593 |
|
$ |
6,636 |
|
$ |
6,499 |
|
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION CONTINUED |
||||||||||||||||
($ thousands, unaudited) |
||||||||||||||||
The following table sets forth the reconciliation of Free Cash Flow to the most comparable GAAP financial measure (in thousands): |
||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Net cash from operating activities |
$ |
28,344 |
|
|
$ |
39,758 |
|
|
$ |
70,068 |
|
|
$ |
63,775 |
|
|
Less: purchases of property and equipment |
|
(3,954 |
) |
|
|
(1,486 |
) |
|
|
(15,673 |
) |
|
|
(7,103 |
) |
|
Free Cash Flow |
$ |
24,390 |
|
|
$ |
38,272 |
|
|
$ |
54,395 |
|
|
$ |
56,672 |
|
|
The following table is a reconciliation of adjusted net income attributable to DXP Enterprises, Inc., a non-GAAP financial measure, to net income, calculated and reported in accordance with |
||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Net Income |
$ |
21,101 |
|
|
$ |
16,172 |
|
|
$ |
49,126 |
|
|
$ |
52,806 |
|
|
One-time non-cash items |
|
2,950 |
|
|
|
551 |
|
|
|
4,292 |
|
|
|
551 |
|
|
Adjustment for taxes |
|
(327 |
) |
|
|
(145 |
) |
|
|
(907 |
) |
|
|
(145 |
) |
|
Adjusted Net Income |
$ |
23,724 |
|
|
$ |
16,578 |
|
|
$ |
52,511 |
|
|
$ |
53,212 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average common shares and common equivalent shares outstanding |
|
|
|
|
|
|
|
|||||||||
Diluted |
|
16,590 |
|
|
|
17,356 |
|
|
|
16,755 |
|
|
|
17,944 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted Earnings per Share |
$ |
1.27 |
|
|
$ |
0.93 |
|
|
$ |
2.93 |
|
|
$ |
2.94 |
|
|
Adjusted Diluted Earnings per Share |
$ |
1.43 |
|
|
$ |
0.96 |
|
|
$ |
3.13 |
|
|
$ |
2.97 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104403504/en/
Kent Yee
Senior Vice President, CFO
713-996-4700
www.dxpe.com
Source: DXP Enterprises, Inc.
FAQ
What was DXP Enterprises (DXPE) revenue in Q3 2024?
What was DXPE's earnings per share in Q3 2024?
How many acquisitions did DXPE complete in Q3 2024?
What was DXPE's Adjusted EBITDA margin in Q3 2024?
