Distribution Solutions Group, Inc. (NASDAQ: DSGR), Chicago, Ill., a specialty distribution company providing maintenance, repair and operations to the original equipment manufacturer and industrial technologies markets, reported sales for its fiscal 2023 first quarter were $384.3 million, up 126% from the prior-year period.
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That included $38.9 million of additional revenue from companies acquired in 2022 other than Lawson Products.
Net income for the quarter was $5.9 million, up from a loss of $2.5 million in the prior-year period.
The company reported sales for its segments:
- Lawson Products: $125.3 million
- Gexpro Services: $101 million
- TestEquity: $107.4 million
- Other sales: $14.6 million
“I am excited to report the continued strong financial performance of DSG,” said Bryan King, CEO. “During the first quarter, revenue and EBITDA margin improvement continued, with adjusted revenue growth of 28%, fueled by organic growth of 13.7%, and adjusted EBITDA expansion to $39.4 million, or 11.3% of revenue. This margin profile represents a 300 basis point improvement compared to one year ago as our execution has tracked our vision for why we formed the DSG platform a year ago.”