Houston-based DXP Enterprises, Inc. (NASDAQ: DXPE) reported that 2022 first-quarter sales increased 30.1% to $319.4 million, compared to $245.6 million for the first quarter of 2021 and approximately 9% compared to $293.1 million for the fourth quarter of 2021.
Earnings per diluted share for 1Q 2022 was $0.65 based upon 19.4 million diluted shares, compared to earnings of $0.02 per share in the first quarter of 2021 based on 20 million diluted shares, DXP said.
Net income for 1Q 2022 was $12.6 million, compared to $371,000 for the prior-year period. Adjusted earnings before interest, taxes, depreciation and amortization for 1Q 2022 was $28.3 million compared to $14.8 million for the fourth quarter of 2021 and $14 million for the first quarter of 2021.
“Our first quarter results reflect what we see as momentum building in our business,” said DXP Chairman and CEO David R. Little. “We are pleased with DXP’s first quarter results which included sequential sales and operating income growth across all three business segments. Total DXP Adjusted EBITDA also increased sequentially and resulted in strong margin improvement. We are encouraged by the organic and acquisition growth, increased earnings driven by the operating leverage we are accustom to seeing within our industry despite the current macro backdrop which includes supply chain challenges, impacts from inflation and the abating COVID crisis. Our improved momentum continued in the first quarter as our DXPeople worked together to manage through supply chain challenges and get in front of rising product costs.”