DXP Enterprises Provides Update on Fiscal 2023 Q1 Financial Performance
10 Maggio 2023 - 10:48PM
Business Wire
- Preliminary $424.3 million in sales, a 4.4 percent sequential
and 32.8 percent year-over-year increase
- Preliminary $43.1 million in earnings before interest, taxes,
depreciation & amortization and other non-cash charges
("Adjusted EBITDA")
DXP Enterprises, Inc. (NASDAQ: DXPE), is pleased to
provide shareholders with a preannouncement of DXP’s financial
performance for the first quarter ending March 31, 2023, which
features significant growth in sales, operating income, earnings
before interest, taxes, depreciation, and amortization ("EBITDA")
and diluted earnings per common share (“EPS”).
Preliminary Q1 2023 Financial
Highlights:
- Sales increased 32.8 percent to $424.3 million, compared to
$319.4 million for the first quarter of 2022 and 4.4 percent
compared to the fourth quarter of 2022.
- GAAP operating income is expected to be $35.4 million, an
increase of 64.2%, compared to 2022.
- Adjusted earnings before interest, taxes, depreciation and
amortization and other non-cash charges (Adjusted EBITDA) for the
first quarter of 2023 was $43.1 million compared to $28.3 million
for the first quarter of 2022. Adjusted EBITDA as a percentage of
sales was 10.2 percent and 8.8 percent, respectively.
- Q1 2023 EPS is expected to be in the range of $0.86 to
$0.92
Preliminary Financial
Results:
The preliminary results above are unaudited and are based on
management’s initial review of DXP’s financial results for the
first quarter ended March 31, 2023. In preparing this information,
management made complex and subjective judgments and estimates
about the appropriateness of certain reported amounts and
disclosures. Our actual financial results for the three months
ended March 31, 2023, have not yet been finalized by management and
remain subject to the completion of management’s final review and
our other closing procedures. These preliminary estimated results
do not represent a comprehensive statement of all financial results
for the first quarter ending March 31, 2023. We are required to
consider all available information through the finalization of our
financial statements and their possible impact on our financial
conditions and results of operations for the period, including the
impact of such information on the complex judgments and estimates
referred to above.
Q1 2023 preliminary results (dollars in millions, except per
share amounts):
Preliminary
Change from
Prior Year
Sales
$424.3
32.8%
Operating Income
$35.4
64.2%
EBITDA
$42.6
53.5%
Adjusted EBITDA
$43.1
52.6%
Diluted Earnings per Share
$0.86 - $0.92
32.3% to 41.5%
Preliminary Capitalization
First quarter March 31, 2023, preliminary results (dollars in
millions, except leverage ratio):
Preliminary
Change from
Prior Year
Cash
$58.3
$21.7
Total Debt
$427
$101
Net Total Debt
$368.7
$79
Covenant EBITDA
$146.4
$55
Senior Secured Leverage Ratio
2.5x
(0.7)x
Earnings Conference Call Update
DXP is currently in its quiet period ahead of its first quarter
2023 earnings call and will host a call to provide additional
commentary regarding the first quarter financial performance by
Monday, May 15th. We will host a conference call regarding first
quarter 2023 on the Company’s website (www.dxpe.com) as soon as
practicable and upon completing our first quarter 2023 review.
Please see our SEC filings for additional information and details.
The Company will continue to provide updates, as appropriate.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service
distributor that adds value and total cost savings solutions to
industrial customers throughout the United States, Canada and
Dubai. DXP provides innovative pumping solutions, supply chain
services and maintenance, repair, operating and production ("MROP")
services that emphasize and utilize DXP’s vast product knowledge
and technical expertise in rotating equipment, bearings, power
transmission, metal working, industrial supplies and safety
products and services. DXP's breadth of MROP products and service
solutions allows DXP to be flexible and customer-driven, creating
competitive advantages for our customers. DXP’s business segments
include Service Centers, Innovative Pumping Solutions and Supply
Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe-harbor” for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made by or to be made
by the Company) contains statements that are forward-looking. These
forward-looking statements include without limitation those about
the Company’s expectations regarding the impact of low commodity
prices of oil and gas; the Company's expectations regarding the
filing of the Form 10-Q; the description of the anticipated changes
in the Company's consolidated balance sheet and the results of
operations and the Company's assessment of the impact of such
anticipated changes; the Company’s business, the Company’s future
profitability, cash flow, liquidity, and growth. Such
forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results
in the future; and accordingly, such results may differ from those
expressed in any forward-looking statement made by or on behalf of
the Company. These risks and uncertainties include, but are not
limited to; decreases in oil and natural gas prices; decreases in
oil and natural gas industry expenditure levels, which may result
from decreased oil and natural gas prices or other factors;
inability of the Company or its independent auditors to complete
the work necessary in order to file the Form 10-Q, in the expected
time frame; unanticipated changes to the Company's operating
results in the Form 10-Q as filed or in relation to prior periods,
including as compared to the anticipated changes stated here;
unanticipated impact of such changes and its materiality; ability
to obtain needed capital, dependence on existing management,
leverage and debt service, domestic or global economic conditions,
economic risks related to the impact of COVID-19, ability to manage
changes and the continued health or availability of management
personnel and changes in customer preferences and attitudes. In
some cases, you can identify forward-looking statements by
terminology such as, but not limited to, “may,” “will,” “should,”
“intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,”
“predict,” “potential,” “goal,” or “continue” or the negative of
such terms or other comparable terminology. For more information,
review the Company’s filings with the Securities and Exchange
Commission. More information on these risks and other potential
factors that could affect the Company’s business and financial
results is included in the Company’s filings with the SEC,
including in the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of the Company’s most recently filed periodic reports on Form 10-K
and Form 10-Q and subsequent filings. The Company assumes no
obligation to update any forward-looking statements or information,
which speak as of their respective dates.
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version on businesswire.com: https://www.businesswire.com/news/home/20230510006038/en/
Kent Yee Senior Vice President, CFO (713) 996-4700
www.dxpe.com
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