DXP Q1 2023 Earnings Report
Key Takeaways
DXP Enterprises, Inc. announced strong first quarter 2023 results with record sales of $424.3 million, a 32.8% year-over-year increase. Net income was $17.6 million, and adjusted EBITDA reached $43.1 million. The company highlighted solid demand and strong performance across all three segments.
Sales increased 32.8 percent to $424.3 million compared to the first quarter of 2022.
Earnings per diluted share for the first quarter were $0.95 compared to $0.65 per share in the first quarter of 2022.
Adjusted EBITDA for the first quarter of 2023 was $43.1 million compared to $28.3 million for the first quarter of 2022.
Free cash flow for the first quarter of 2023 was $22.6 million compared to $1.9 million for the first quarter of 2022.
DXP
DXP
DXP Revenue by Segment
Forward Guidance
The company expects to continue delivering exceptional performance and growth in the years ahead, driven by organic growth, acquisitions, and key initiatives.
Positive Outlook
- Strong, growing DXPeople
- Robust acquisition pipeline
- Drive to continue to create value for all stakeholders
- Confident in ability to drive exceptional performance and growth
- Expect to continue the momentum through fiscal 2023
Challenges Ahead
- Managing the slowing pace of inflation
- Market challenges
- Inconsistent market environment
- Dependence on existing management
- Economic risks related to the impact of COVID-19
Revenue & Expenses
Visualization of income flow from segment revenue to net income