DXP’s 1Q sales rise 102 percent

Industrial Distribution staff -- Industrial Distribution, 5/13/2008 6:18:00 AM

DXP Enterprises Inc. posted first-quarter sales of $168.5 million, a 101.5 percent increase over $83.6 million during the same period last year.

The Houston-based broad-line MRO distributor’s quarterly net income rose 46 percent to $5.4 million, compared with $3.7 million during the first quarter of 2007.

DXP said $73.6 million of the sales increase came from four acquisitions in 2007 and 2008: Precision Industries, Rocky Mountain Supply Inc., Indian Fire & Safety Inc. and Delta Process Equipment.

Excluding sales from those businesses, first-quarter revenues rose 13.5 percent year-on-year on increased sales of pumps, bearings, safety products and mill supplies.

“We recently invested in the salespeople necessary to create twelve DXP Super Centers and we look forward to their top- and bottom-line growth in the future. The execution and implementation of our acquisition strategies continues to be successful. We are excited about the prospects for 2008 and our outlook continues to be strong,” chairman and CEO David Little said.

DXP ranked 27th on INDUSTRIAL DISTRIBUTION’s 2007 Big 50 list of distributors, with 2006 sales of $280 million.

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