Year-to-year sales growth continued for Houston-based pumping solutions and MROP supplies distributor DXP Enterprises, which reported 2022 third-quarter sales of $387.3 million, a 33.8% increase over the same quarter a year before.
DXP has produced strong annual sales growth each quarter in 2022. In August, DXP posted total 2022 second-quarter sales sales of $368 million, up 28.7% year-over-year and up 15.2% from 2022’s first quarter. In May, the distributor reported that 2022 first-quarter sales increased 30.1% over the same period in 2021.
For 3Q 2022, earnings per diluted share for the third quarter were $0.67 based upon 19.7 million diluted shares, compared to earnings of $0.36 per share in the third quarter of September 30, 2021, based on 19.6 million diluted shares. Net income for 3Q 2022 was $13.3 million, compared to $7.1 million for the prior-year period, DXP said.
“Thanks to solid execution by our employees, DXP posted strong record sales results for our third quarter of 2022,” said David R. Little, Chairman and CEO. “Our sales growth is being fueled by diversifying into new markets, selling innovative products in new and existing markets, and helping our customers with environmental projects. Our acquisition strategy is focused on stable essential markets that are environmentally friendly. Our results are improving with 33.8 percent year-over-year and 5.3 percent sequential sales growth and 9 percent Adjusted EBITDA margins. During the third quarter, we continued to have strong organic growth within Supply Chain Services, solid organic growth in Service Centers and a meaningful increase in Innovative Pumping Solutions. For the third quarter, sales were $260.1 million for Service Centers, $68.2 million for Supply Chain Services and $59.0 million for Innovative Pumping Solutions. Thank you to all our customers and congratulations to our DXPeople for our record results.”
The company also closed its acquisition of Sullivan Environmental Technologies, Inc. during the quarter.