DXP Enterprises, Inc. (NASDAQ: DXPE) announced sales in the first quarter of 2022 were $319.4 million, a 9% sequential and 30.1% year-over-year increase. Net income was $12.6 million.
Service Centers revenue for the first quarter was $218.8 million, Innovative Pumping Solutions revenue was $53.1 million, and Supply Chain Services revenue was $47.6 million. All three business segments saw a year-over-year increase of 17.4%, 128.3% and 32.2%, respectively.
“Our first-quarter results reflect what we see as momentum building in our business. We are pleased with DXP’s first-quarter results, which included sequential sales and operating income growth across all three business segments. Our improved momentum continued in the first quarter as our DXPeople worked together to manage through supply chain challenges and get in front of rising product costs,” Chairman and CEO David R. Little said.
Ian Heller is the Founder and Chief Strategist for Distribution Strategy Group. He has more than 30 years of experience executing marketing and e-business strategy in the wholesale distribution industry, starting as a truck unloader at a Grainger branch while in college. He’s since held executive roles at GE Capital, Corporate Express, Newark Electronics and HD Supply. Ian has written and spoken extensively on the impact of digital disruption on distributors, and would love to start that conversation with you, your team or group. Reach out today at email@example.com.