DXP Enterprises Inc - DXPE STOCK NEWS

DXP Enterprises, Inc. (NASDAQ: DXPE) has completed the acquisition of Cisco Air Systems, a distributor of air compressors serving the food & beverage, transportation, and general industrial markets in Northern California and Nevada. The acquisition, which adds scale and capabilities to DXP, is part of their growth strategy to diversify end markets. Cisco reported approximately $43.2 million in sales and $7.0 million in adjusted EBITDA for the last twelve months. DXP aims to enhance its competitive position in the market through this transaction, funded by cash and common stock.

DXP Enterprises reported fiscal 2021 sales of $1.1 billion, a 10.8% increase from 2020. The company's GAAP diluted EPS reached $0.83, rebounding from a loss of $(1.65) per share in 2020. Fourth-quarter sales rose 26.0% to $293.1 million, with adjusted EPS at $0.05. DXP generated $32.8 million in free cash flow and $70.2 million in adjusted EBITDA. Three acquisitions were completed, and the company maintains a strong liquidity position with $49.1 million in cash. The auditor transition to PricewaterhouseCoopers for 2022 was also announced.

On March 25, 2022, DXP Enterprises, Inc. (NASDAQ: DXPE) announced the appointment of PricewaterhouseCoopers LLP as its independent registered public accounting firm for fiscal 2022. The Audit Committee informed McConnell & Jones LLP of this change on March 23, 2022, while they continue to finalize the audit for the fiscal year ending December 31, 2021. CFO Kent Yee expressed gratitude to McConnell & Jones for their professionalism during the audit process. DXP aims to enhance its finance and accounting capabilities to support its growth into a multi-billion-dollar enterprise.

DXP Enterprises, Inc. (NASDAQ:DXPE) will announce its financial results for Q4 ending December 31, 2021, on March 25, 2022, before market open. A live conference call is scheduled for 10:30 AM CT on the same day, accessible via the Company's website. Preliminary results and a presentation will be available in the 'Investor Relations' section of the website prior to the call. This announcement is part of the company's regular reporting obligations, providing insights into its performance and future outlook.

DXP Enterprises (NASDAQ: DXPE) announces the acquisition of Drydon Equipment and Burlingame Engineers, enhancing its position in the water and wastewater treatment markets. Drydon specializes in pumps, valves, and controls in Illinois, Indiana, Wisconsin, and Michigan, while Burlingame focuses on California's industrial and municipal sectors. Financial terms are undisclosed, but DXP utilized cash and stock for the acquisitions. These transactions align with DXP's strategy for growth and diversification, aiming to increase market share and improve customer service capabilities.

DXP Enterprises (NASDAQ: DXPE) has appointed Nick Little as Chief Operating Officer and Paz Maestas as Chief Marketing & Technology Officer, effective January 7, 2022. Nick, who has been with DXP for 18 years, will oversee strategic direction and operations. Paz, with 20 years at DXP, will lead e-commerce initiatives. Chairman and CEO David Little highlighted their experience as crucial for DXP's growth amid industry recovery. These appointments aim to strengthen leadership and position DXP for future opportunities.

DXP Enterprises, Inc. (NASDAQ: DXPE) reported a strong third quarter for 2021, achieving $289.5 million in sales, up 31.5% year-over-year. The company produced a GAAP diluted EPS of $0.36 and net income of $7.1 million, a turnaround from last year's loss of $34.7 million. Despite operational cash flow of $6.6 million, free cash flow decreased to $5.2 million. The acquisition of Process Machinery and Premier Water contributed to revenue growth. DXP maintains a strong liquidity position with $63.1 million in cash and $194 million in total liquidity.

DXP Enterprises, Inc. (NASDAQ: DXPE) received a Notice from Nasdaq on November 16, 2021 for failing to timely file its Form 10-Q for the quarter ended September 30, 2021. This notice indicates non-compliance with Nasdaq’s listing requirements under Rule 5250(c)(1). The company has 60 days to submit a plan for compliance, with potential extensions if accepted. However, there is no guarantee of acceptance. The company is actively working to complete the Form 10-Q and file it with the SEC.

DXP Enterprises, Inc. (NASDAQ: DXPE) announced on November 12, 2021, its decision to transition to a new audit firm for the remainder of fiscal 2021 and fiscal 2022. The company appointed McConnell & Jones LLP as its interim auditor to ensure timely completion of its Q3 Form 10-Q and full year audit. Despite late-year challenges, McConnell Jones is well-equipped to handle this transition. DXP emphasized its commitment to strengthening its finance and accounting functions while acknowledging successful recovery and reduced oil and gas exposure.