DXP Enterprises’ Sales Sink 32.7% in 3Q

MRO and industrial distributor DXP Enterprises Inc. posts a loss of $34.7 million in the quarter as the company continues to see challenges stemming from COVID-19.
DXP 2022 sales 1Q

MRO and industrial distributor DXP Enterprises Inc. (NASDAQ: DXPE), Houston, reported third-quarter sales of $220.2 million, down 32.7% compared to the third quarter of 2019. The company reported a loss of $34.7 million, compared with a profit of $13.1 million in the year-ago period.

“Our solid execution and focus in a challenging environment continued to deliver reasonable results with significant progress in the quarter serving our customers, most notably $29.1 million in resilient free cash flow and a continued strong balance sheet,” said David R. Little, chairman and CEO. “Our cash from operations continues to put us in a position to grow the business when the opportunity presents itself and pay down debt, when appropriate. We are aggressively working opportunities to sharpen our focus, transform our operations and continue investing in growth areas, with the customer at the center of everything we do.”

Sales for the nine months were $772.6 million, down 20.5% from the same period in 2019. DXP reported a loss of $26.9 million, compared with a profit of $33.7 million a year ago.

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