The 2020 Mid-Year Economic Update_long

DXP Enterprises Sales Up 22.3% in 2Q

DXP Enterprises, Inc. reported profit of $3.4 million for the second quarter ending June 30, 2007, compared with profit of $2.9 million in the second quarter 2006.
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Sales increased 22.3% to $85.3 million from $69.8 million in the prior-year period. Sales by the businesses acquired in 2006 and 2007 accounted for $13.3 million of the sales increase. Excluding sales by the acquired businesses, sales for the second quarter of 2007 increased 3.2% from the prior-year period.
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Year-to-date profit for the six months ended June 30, 2007, increased 31% to $7.1 million. Sales increased 27.7% to $169 million from $132.3 million for the first six months of 2006. Sales by the businesses acquired in 2006 and 2007 accounted for $23.5 million of the sales increase. Excluding ...

DXP Enterprises, Inc. reported profit of $3.4 million for the second quarter ending June 30, 2007, compared with profit of $2.9 million in the second quarter 2006.
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Sales increased 22.3% to $85.3 million from $69.8 million in the prior-year period. Sales by the businesses acquired in 2006 and 2007 accounted for $13.3 million of the sales increase. Excluding sales by the acquired businesses, sales for the second quarter of 2007 increased 3.2% from the prior-year period.
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Year-to-date profit for the six months ended June 30, 2007, increased 31% to $7.1 million. Sales increased 27.7% to $169 million from $132.3 million for the first six months of 2006. Sales by the businesses acquired in 2006 and 2007 accounted for $23.5 million of the sales increase. Excluding sales of the acquired businesses, sales for the first six months of 2007 increased 10% from the same period in 2006.
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CEO David Little said, When we analyzed these results, Innovative Pumping Solutions (IPS) had $2.6 million in fabricated jobs that were delayed by supplier lead times and are scheduled to ship in the third quarter. IPS’s Power Machinery (PMI), a high margin specialty pump remanufacturing division, also experienced a slower second quarter but increased its backlog which expect will result in an excellent fourth quarter. DXP Service Center sales were as expected through May with some softening in June.
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“Our major markets of oil & gas, mining, chemical, petrochemical, and refining look healthy and therefore the Service Centers are forecasting a 7% increase over the first half of the year. The Service Center team continues to invest in DXP Super Centers through products, services, expanded markets and personnel. We have made substantial investments in sales personnel at the Service Centers, increasing headcount approximately 12%, in efforts to grow our Super Center concept. We feel strong about our growth strategy, the markets we serve and we expect great results for this year and next.”
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DXP is a distributor of pumps, bearings, power transmission, seals, hose, safety, fluid power, electrical and industrial supplies.

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