DXP Enterprises, Inc. (Nasdaq: DXPE), Houston, Texas, a distributor of pumping solutions, supply chain services and maintenance, repair, operating and production (MROP) services, reported 2022 sales were $1.48 billion, up 32.9% from the prior year.
Net income for the year was $48.1 million, up from $15.7 million in 2021.
DXP also reported sales for the fourth quarter 2022 ended December 31, 2022, were $406.3 million, up 38.6% from the prior-year period.
Net income for the quarter was $8.03 million, up from $727 thousand in the prior-year period.
DXP reported sales for its business segments:
- Service Centers: Revenue for the fourth quarter and full year were $279.4 million and $1.0 billion, respectively.
- Pumping Solutions: Revenue for the fourth quarter and full year were $61.2 million and $231.1 million, respectively.
- Supply Chain Services: Revenue for the fourth quarter and full year were $65.7 million and $240.4 million, respectively.
“Fiscal 2022 was another great year for DXP,” said David R. Little, Chairman and CEO.
“DXPeople drove fourth-quarter results well above expectations, with strong performance across all business segments. Broad-based business strength across the business helped us deliver 33% revenue growth on a year-over-year basis. Consistent and resilient demand, along with price impacts, delivered robust revenue growth in the fourth quarter on a sales per business day basis and throughout fiscal 2022. This growth has fueled a healthy momentum coming into 2023.”