MRO and industrial distributor DXP Enterprises Inc. (NASDAQ: DXPE), Houston, reported sales for 2020 of $1 billion, down 20.7% from 2019. DXP reported a loss of $28.8 million, compared with a profit of $35.9 million a year ago.
The company reported fourth-quarter sales of $232.7 million, down 21.2% compared to the fourth quarter of 2019. The company reported a loss of $1.9 million, compared with a profit of $2.2 million in the year-ago period. The company also completed some acquisitions in the period.
“We are pleased with our fourth quarter results and strong finish to the year as evidenced by closing FY2020 with the refinancing of our Term Loan B and completing four acquisitions,” said David Little, chairman and CEO. “FY2020 was a unique year and presented corporate, societal and individual challenges. Despite the many personal and operational hurdles imposed by the COVID-19 pandemic, DXPeople focused their efforts on creating a better customer experience, improving our culture of belonging and driving profitable growth in our key products and services. DXP’s resiliency is evident in our financial results; gross margin expansion, working capital improvement, and delivering sequential growth in the fourth quarter.”