DXP Enterprises, Inc. (NASDAQ: DXPE) has announced a new stock repurchase program, authorizing the acquisition of up to $85.0 million or 2.5 million shares of its outstanding common stock over the next 24 months. This comes after the successful completion of the previous program, which saw the repurchase of $85 million or 2.8 million shares over a 2-year period that began in December 2022.
As of June 30, 2024, DXP had approximately 16.7 million diluted weighted average shares outstanding. The company's Chairman and Chief Executive Officer, David R. Little, expressed confidence in DXP's future and the decision to initiate another share repurchase program, highlighting the company's resilience and transformation of its end markets.
DXP's Chief Financial Officer, Kent Yee, emphasized the board's commitment to a disciplined capital allocation strategy and confidence in the business, citing the share repurchase program as a demonstration of their belief in the company's future and ability to produce free cash flow through different cycles.
The company's business segments include service centers, innovative pumping solutions, and supply chain services, and it operates in the United States, Canada, Mexico, and Dubai.
Today the company's shares have moved -0.3% to a price of $52.76. For more information, read the company's full 8-K submission here.
