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HOUSTON -DXP Enterprises, Inc. (NASDAQ:DXPE) reported fourth quarter earnings and revenue that surpassed analyst expectations on Friday.
The company’s shares were up 1.98% in premarket trading following the release.
The industrial products and services distributor posted adjusted earnings per share of $1.38, beating the consensus estimate of $0.86 by $0.52. Revenue came in at $470.9 million, topping expectations of $431 million.
For the fourth quarter, sales increased 15.7% year-over-year to $470.9 million, compared to $407.0 million in Q4 2023. The company saw growth across all business segments, with Innovative Pumping Solutions revenue surging 61.9% to $97.6 million.
"Fiscal 2024 was another great year for DXP. DXPeople drove fourth quarter results, with strong performance or year-over-year growth across all business segments," said David R. Little, Chairman and CEO.
Adjusted EBITDA for Q4 rose to $50.3 million, up from $41.9 million in the prior year quarter. Adjusted EBITDA margin expanded to 10.7% from 10.3% a year ago.
For the full fiscal year 2024, DXP reported sales of $1.8 billion, up 7.4% from fiscal 2023. Net income increased to $70.5 million from $68.8 million last year.
The company ended the year with $148.4 million in cash and restricted cash on its balance sheet. DXP completed seven acquisitions during fiscal 2024 as part of its growth strategy.
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