DXP expandis its water and wastewater platform in Texas and Oklahoma.
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Gross margin and adjusted EBITDA likewise both improved year-over-year.
Gross margin had a modest annual improvement, while EBITDA shrunk.
Full-year operating and net profit jumped more than 40% vs. 2022.
The addition of Pro-Seal complements DXP's rotating equipment division and expands its geographic footprint.
It further expands DXP’s offering and capabilities in the water and wastewater markets.
DXP Enterprises enhanced its water platform's geographic reach and capabilities with the addition of Hennesy Mechanical Sales.
Mike Hockett extracts commentary from a panel discussion between STAFDA distributors, manufacturers and rep agents on what they voiced as their biggest challenge: talent management.
The company's 3Q YoY sales growth of 8.2% was a considerable slowdown from 2Q’s 16.4%, but still considered strong.
With a single location and nine employees, Alliance serves customers in chemical, water/wastewater, municipal and general industrial markets.
DXP says the transaction provides it with 'operational and financial flexibility to reinvest in the business and pursue its organic and targeted acquisition growth strategy.'
Sales during the quarter were $428.0 million, a healthy increase over the $367.8 million reported during 2Q 2023.
David Molero is a certified public accountant with over 17 years of experience in accounting within a public company environment, DXP says.
After a strong fiscal 2022, DXP is off to a fast start in 2023.
Riordan Materials Corporation and Florida Valve & Equipment Corp. and Environmental MD serve municipal water and wastewater treatment markets.
DXP's 38.6% year-over-year sales growth in 4Q followed 33.8% growth in 3Q.
The distributor said the added funds will enable it to reinvest in the business and pursue further organic growth and targeted acquisitions.
The distributor's 33.8% year-over-year sales increase in 3Q follows a 28.7% annual increase reported in this year's 2Q.
DXP Enterprises ranked No. 23 among Industrial Distributors in MDM's 2022 Top Distributor list.
New markets and overhauled operations are producing major dividends at leading distributors DXP Enterprises, NOW Inc. and MRC Global.
