DXP Enterprises Inc - DXPE STOCK NEWS

DXP Enterprises, Inc. (NASDAQ: DXPE) has initiated a new stock repurchase program, authorizing the purchase of up to $85 million or approximately 2.8 million shares over the next 24 months. This decision follows the successful completion of a previous repurchase program that resulted in the buyback of 1.5 million shares. The company aims to enhance shareholder value and demonstrates management’s confidence in its business future, as noted by CEO David R. Little and CFO Kent Yee.

DXP Enterprises, Inc. (NASDAQ: DXPE) has successfully closed an incremental $105 million Senior Secured Term Loan B, raising its total borrowings to $417.2 million. This loan, maturing in 2027 and priced at Term SOFR plus an applicable margin, will help DXP repay existing Asset Based Loans and support general corporate purposes, acquisitions, and expenses. With $70 million in cash on hand, DXP is positioned to enhance its liquidity and financial flexibility, aiming for growth amidst changing market conditions.

DXP Enterprises, Inc. (NASDAQ: DXPE) reported strong Q3 2022 results, achieving $387.3 million in sales, a 33.8% increase year-over-year and 5.3% sequentially. Net income rose to $13.2 million from $7.1 million in Q3 2021, with GAAP diluted EPS of $0.67 and non-GAAP diluted EPS of $0.75. Adjusted EBITDA was $34.3 million, reflecting a robust 9% margin. The company completed the acquisition of Sullivan Environmental Technologies, focusing on environmentally friendly markets. Total debt stood at $364.8 million, with a secured leverage ratio of 2.86:1.0.

DXP Enterprises, Inc. (NASDAQ:DXPE) will announce its financial results for the third quarter ended September 30, 2022, on November 9. The earnings release will occur before the market opens, followed by a live conference call at 10:30 A.M. Central Time. Interested participants can access the call on DXP's website, where a replay will also be available. Key risks that may affect future results include economic conditions and changes in customer preferences.

DXP Enterprises (NASDAQ: DXPE) has completed the acquisition of Sullivan Environmental Technologies, a distributor focused on water and wastewater treatment in Ohio, Kentucky, and Indiana. The financial terms were not disclosed, but Sullivan reported sales of $4.4 million and adjusted EBITDA of $1.6 million for the last twelve months ending July 31, 2022. This acquisition marks DXP's fourth in 2022 and aligns with its strategy to diversify its portfolio beyond oil & gas, which now constitutes less than 28% of its operations.

DXP Enterprises (NASDAQ: DXPE) reported strong financial results for Q2 2022, with sales of $367.8 million, marking a 28.7% year-over-year increase and a 15.2% sequential rise. Net income rose to $14.4 million compared to $8.1 million in Q2 2021, leading to GAAP diluted EPS of $0.74. Adjusted EBITDA also grew to $32.6 million, a 43.8% increase. The acquisition of Cisco Air Systems contributed $21.3 million to sales. DXP's solid performance reflects effective management amidst inflationary pressures and a positive outlook for the second half of 2022.

DXP Enterprises, Inc. (NASDAQ:DXPE) plans to announce its financial results for the second quarter ended June 30, 2022, on August 8. The earnings report will be released before market opening, followed by a live conference call at 10:00 A.M. Central Time. Investors can access the earnings press release and supporting materials on the company's website in the Investor Relations section. The press release includes forward-looking statements, outlining risks such as capital acquisition and economic conditions that could affect future results.

DXP Enterprises, Inc. (NASDAQ: DXPE) announced an extension of its $135 million Asset Based Loan Facility to 2027.

The amended agreement allows for up to $125 million for US borrowers and $10 million for Canadian borrowers, with the option to increase the facility by an additional $50 million. This financial strategy aims to maintain liquidity and support growth initiatives amidst changing market conditions. CEO David R. Little and CFO Kent Yee emphasized the importance of a strong capital structure for funding both working capital and acquisition growth.

DXP Enterprises, Inc. (NASDAQ: DXPE) reported a strong first quarter 2022, achieving $319.4 million in sales, marking a 30.1% year-over-year increase and a 9.0% sequential growth. The company’s diluted EPS was $0.65 based on 19.4 million shares outstanding, a significant rise from $0.02 per share last year. Adjusted EBITDA reached $28.3 million, up 91% sequentially. DXP remains optimistic despite ongoing challenges from inflation and supply chain issues, attributing growth to strong customer demand and successful acquisitions.