DXP Enterprises, Inc. has reported its financial results for the second quarter of 2024, showcasing significant growth and resilience in its business operations. Here are the key highlights:
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Sales for the second quarter of 2024 amounted to $445.6 million, marking an 8.0 percent increase from the first quarter of 2024 and a 4.1 percent increase from the second quarter of 2023.
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Net income for the second quarter was $16.7 million, compared to $19.1 million for the second quarter of 2023 and $11.3 million for the first quarter of 2024.
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Earnings per diluted share for the second quarter were $1.00, based upon 16.7 million diluted shares, compared to $1.06 earnings per diluted share in the second quarter of 2023, based on 18.1 million diluted shares. Adjusted diluted earnings per share was $1.02 for the second quarter compared to $1.06 in the second quarter of 2023.
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Adjusted EBITDA for the second quarter was $48.2 million, showing an increase from $45.3 million for the second quarter of 2023. The adjusted EBITDA margin was 10.8 percent.
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Free cash flow for the second quarter was $5.9 million, a significant improvement from $(4.2) million for the second quarter of 2023.
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The company completed four acquisitions through the second quarter, two in water and two in industrial rotating equipment companies.
The company's executives expressed satisfaction with the results, highlighting the sequential sales growth, strength in gross profit margins, and the execution of their growth strategy.
As a result of these announcements, the company's shares have moved 3.9% on the market, and are now trading at a price of $49.61. For more information, read the company's full 8-K submission here.
