DXP Enterprises, Inc., Houston, TX, announced a 99.7% increase in net income to $2,950,000 for the second quarter ending June 30, 2006, compared with the same period last year. Sales increased 53.5% to $69.8 million from $45.5 million for the second quarter of 2005. Sales by the businesses acquired in 2005 and 2006 accounted for $9.1 million of the sales increase. Excluding sales by the acquired businesses, sales for the second quarter of 2006 increased 33.4% from the second quarter of 2005.
Year-to-date net income as of June 30, 2006, increased 134% to $5.5 million. Sales increased 51.6% to $132.3 million from $87.3 million for the first six months of 2005. Sales by the businesses acquired in 2005 and 2006 accounted for $17.6 million of the sales increase. Excluding sales of the acquired businesses, sales for the first six months of 2006 increased 31.4% from the same period in 2005.
David R. Little, chairman and CEO, said, “Our industrial customer base continues to indicate a strong outlook in the upstream and downstream energy sectors of oil, gas and coal. We are also seeing continued growth opportunities in the chemical, petrochemical, mining and general industries sectors. The dynamic of all of DXP’s major markets seeing growth and future opportunities gives us a continued positive long term outlook.”
DXP Enterprises, Inc. is a products and service distributor to MRO and OEM customers in virtually every industry. DXP distributes pumps, bearings, power transmission, seals, hose, safety, fluid power, electrical and industrial supplies.
For more details on DXP’s 2Q earnings, click here.
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