Houston-based pumping solutions and industrial supplies distributor DXP Enterprises reported its 2024 second quarter financial results on Aug. 8, showing improvements in both year-over-year and sequential sales growth.
The company posted 2Q sales of $445.6 million, up 4.1% year-over-year and up 8% from 1Q24. Gross margin of 30.9% ticked up 10 basis points year-over-year.
By DXP business segment during 2Q24:
- Service Center sales of $306.5 million were down 2.3% year-over-year with a 14.3% operating margin.
- Innovative Pumping Solution sales of $73.4 million were up 52.7% year-over-year with an 18.2% operating margin.
- Supply Chain Services sales of $65.7 million were down 0.8% year-over-year with an operating margin of 8.9%.
DXP’s 2Q operating profit of $63 million increased from the $58.9 million a year earlier, while net profit of $16.7 million trailed the $19.1 million for 2Q23, but increased sequentially from $11.3 million in 1Q24.
Adjusted EBITDA of $48.2 million on 10.8% margin was up compared to the $45.3 million on 10.6% margin for 2Q23.
“Second quarter results reflect the execution of our growth strategy and the resilience and durability of DXP’s business,” DXP Chairman and CEO David Little said in the company’s financial release. “We are pleased with our sequential sales growth and strength in our gross profit margins. Overall, we are very pleased with our performance and the progress DXP continues to make as a growth company.”
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