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DXP Enterprises, Inc., Houston, TX, reported sales increased 45% to $54.7 million for the fourth quarter ended Dec. 31, 2005, from $37.7 million for the same period last year. Profit increased 222% to $2.1 million for the fourth quarter.
Sales for the full year increased 15.4% to $185.4 million from $160.6 million in 2004. Profit nearly doubled (up 97%) to $5.5 million in 2005 from the year before.
Sales by two businesses acquired in 2005 accounted for $7.3 million of the 2005 sales increase. Excluding sales of the acquired businesses, sales climbed 10.9%. The two businesses accounted for $6.9 million of the sales increase in the fourth quarter. Excluding sales of the two acquired businesses, sales for the fourth quarter were up 26.7%."Sales and profits for the fourth quarter of 2005 were positively impacted by DXP's internal growth and by the results of the businesses acquired on Aug. 24, 2005, and Dec. 1, 2005. The need for DXP's products and services within the mining, oil, gas and petrochemical markets continued to increase due to strong worldwide demand. Hurricanes Katrina and Rita impacted DXP's business in the fourth quarter of 2005 by generating an immediate demand for MRO supplies to restart plant operations which was offset by the effect of reduced operations by many of our customers," said Mac McConnell, senior vice president and CFO.