DXP Enterprises posted strong jumps in both sales and earnings in its third quarter amid a mixed spending environment and decreasing inflation, company officials said Monday.
The Houston pump and MRO distributor — no. 17 on ID’s 2024 Big 50 list — reported $472.9 million in sales between July and September, up nearly 13% compared to the same window of 2023. Net income, meanwhile, jumped by more than 30% year-over-year — from $16.2 million up to $21.1 million — while gross profit climbed from $125.6 million to $146.1 million over that span.
DXP Chairman and CEO David Little said the Q3 totals reflected the results of the company’s ongoing growth strategy, as well as the benefits of recent acquisitions.
“Overall, we are very pleased with our performance and the progress DXP continues to make as a growth company,” Little said in a statement.
Sales in the company’s service centers segment — its largest by revenue — rose from $294.5 million in the previous third quarter up to $316.8 million in the latest period. Innovative pumping solutions sales climbed from $59 million to $89.8 million over that span, while supply chain services edged up from $65.8 million to $66.3 million.
DXP Senior Vice President and CFO Kent Yee noted that the company made five acquisitions through the first three quarters of the year and has added two more in the fourth quarter.
“We expect to finish fiscal year 2024 strong with momentum going into fiscal year 2025,” Yee said.
