DXP Enterprises, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>DXP Enterprises, Inc. filed its Q1 2024 10-Q report on May 9, 2024, detailing financial performance and operational status.</b>

AI Summary

DXP ENTERPRISES INC (DXPE) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. DXP Enterprises, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 5301 Hollister Street, Houston, TX 77040. DXP Enterprises, Inc. is incorporated in Texas (TX). The SIC code for DXP Enterprises, Inc. is 5084 (Wholesale-Industrial Machinery & Equipment).

Why It Matters

For investors and stakeholders tracking DXP ENTERPRISES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, enabling them to assess the company's performance and make informed investment decisions. The detailed financial statements and disclosures within the report are crucial for understanding DXP Enterprises' current financial health, operational efficiency, and any potential risks or opportunities.

Risk Assessment

Risk Level: medium — DXP ENTERPRISES INC shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial information. However, the absence of specific financial performance highlights or significant disclosures in the provided header data prevents a more precise risk assessment.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion and analysis, and risk factors to understand DXP Enterprises' Q1 2024 performance.

Key Numbers

• 2024-03-31 — Period of Report (Fiscal quarter end date)
• 2024-05-09 — Filing Date (Date the 10-Q was filed)
• 5084 — SIC Code (Standard Industrial Classification for Wholesale-Industrial Machinery & Equipment)
• TX — State of Incorporation (Texas)

Key Players & Entities

• DXP ENTERPRISES INC (company) — Filer name
• 0001020710 (company) — Central Index Key
• 5301 HOLLISTER STREET (company) — Business Address
• HOUSTON (company) — Business Address City
• TX (company) — Business Address State
• 77040 (company) — Business Address Zip
• 760509661 (company) — IRS Number
• 2024-03-31 (date) — Period of Report

FAQ

Industry Context

DXP Enterprises operates in the wholesale distribution of industrial machinery and equipment sector.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Access and review the full 10-Q filing for DXP Enterprises, Inc. (DXPE) for the period ending March 31, 2024.
2. Analyze the financial statements, including the balance sheet, income statement, and cash flow statement, for Q1 2024.
3. Examine the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers and trends.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

• $0.01 — hich Registered Common Stock par value $0.01 DXPE NASDAQ Global Select Market Indi

Filing Documents

• dxpe-20240331.htm (10-Q) — 768KB
• ex221subsidiaryguarantorso.htm (EX-22.1) — 8KB
• dxpeex3113312024.htm (EX-31.1) — 9KB
• dxpeex3123312024.htm (EX-31.2) — 9KB
• dxpeex3213312024.htm (EX-32.1) — 3KB
• dxpeex3223312024.htm (EX-32.2) — 3KB
• 0001020710-24-000055.txt (&nbsp;) — 4427KB
• dxpe-20240331.xsd (EX-101.SCH) — 37KB
• dxpe-20240331_cal.xml (EX-101.CAL) — 66KB
• dxpe-20240331_def.xml (EX-101.DEF) — 162KB
• dxpe-20240331_lab.xml (EX-101.LAB) — 407KB
• dxpe-20240331_pre.xml (EX-101.PRE) — 288KB
• dxpe-20240331_htm.xml (XML) — 480KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements 3 a) Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income 3 b) Unaudited Condensed Consolidated Balance Sheets 4 c) Unaudited Condensed Consolidated Statements of Cash Flows 5 d) Unaudited Condensed Consolidated Statements of Equity 6 e) Notes to Unaudited Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 23

Controls and Procedures

ITEM 4. Controls and Procedures 24

: OTHER INFORMATION

PART II: OTHER INFORMATION 25

Legal Proceedings

ITEM 1. Legal Proceedings 25

Risk Factors

ITEM 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Default upon Senior Securities

ITEM 3. Default upon Senior Securities 25

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 25

Other Information

ITEM 5. Other Information 25

Exhibits

ITEM 6. Exhibits 26

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: FINANCIAL STATEMENTS

ITEM 1: FINANCIAL STATEMENTS DXP ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2024 2023 Sales $ 412,635 $ 424,267 Cost of sales 288,753 299,226 Gross profit 123,882 125,041 Selling, general and administrative expenses 94,751 89,642 Income from operations 29,131 35,399 Other income, net ( 1,968 ) ( 469 ) Interest expense 15,544 11,521 Income before income taxes 15,555 24,347 Provision for income taxes 4,223 6,767 Net income 11,332 17,580 Preferred stock dividend 23 23 Net income attributable to common shareholders $ 11,309 $ 17,557 Net income $ 11,332 $ 17,580 Foreign currency translation adjustments ( 614 ) 98 Comprehensive income $ 10,718 $ 17,678 Earnings per share (Note 9) : Basic $ 0.70 $ 1.00 Diluted $ 0.67 $ 0.95 Weighted average common shares outstanding: Basic 16,128 17,596 Diluted 16,968 18,436 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 DXP ENTERPRISES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash $ 139,697 $ 173,120 Restricted cash 91 91 Accounts receivable, net of allowance of $ 4,946 and $ 5,584 , respectively 313,791 311,171 Inventories 108,186 103,805 Costs and estimated profits in excess of billings 35,259 42,323 Prepaid expenses and other current assets 19,808 18,044 Total current assets 616,832 648,554 Property and equipment, net 64,039 61,618 Goodwill 370,949 343,991 Other intangible assets, net 67,675 63,895 Operating lease right of use assets, net 53,443 48,729 Other long-term assets 11,217 10,649 Total assets $ 1,184,155 $ 1,177,436 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 5,500 $ 5,500 Trade accounts payable 97,324

View Full Filing

View this 10-Q filing on SEC EDGAR