DXP Enterprises Q3 2024 10-Q Filed

TL;DR

DXP Enterprises filed its Q3 2024 10-Q. Financials look steady.

AI Summary

DXP Enterprises, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the wholesale industrial machinery and equipment sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for DXP Enterprises, crucial for understanding the company's current health and future prospects in the industrial sector.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the industrial machinery sector can be sensitive to economic cycles.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20241107 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• DXP Enterprises Inc (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Date of filing
• 7139964700 (phone_number) — DXP Enterprises' business phone number
• TX (state) — State of incorporation and business address

FAQ

Key Financial Figures

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

Filing Documents

• dxpe-20240930.htm (10-Q) — 1096KB
• ex221subsidiaryguarantorso.htm (EX-22.1) — 5KB
• dxpeex3119302024.htm (EX-31.1) — 9KB
• dxpeex3129302024.htm (EX-31.2) — 9KB
• dxpeex3219302024.htm (EX-32.1) — 3KB
• dxpeex3229302024.htm (EX-32.2) — 3KB
• 0001020710-24-000097.txt ( ) — 5183KB
• dxpe-20240930.xsd (EX-101.SCH) — 35KB
• dxpe-20240930_cal.xml (EX-101.CAL) — 70KB
• dxpe-20240930_def.xml (EX-101.DEF) — 168KB
• dxpe-20240930_lab.xml (EX-101.LAB) — 407KB
• dxpe-20240930_pre.xml (EX-101.PRE) — 301KB
• dxpe-20240930_htm.xml (XML) — 644KB

: 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 8

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 17

Quantitative and Qualitative Disclosures about Market Risk

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 28

Controls and Procedures

ITEM 4. Controls and Procedures 29

: OTHER INFORMATION

PART II: OTHER INFORMATION 30

Legal Proceedings

ITEM 1. Legal Proceedings 30

Risk Factors

ITEM 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Default upon Senior Securities

ITEM 3. Default upon Senior Securities 30

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 30

Other Information

ITEM 5. Other Information 30

Exhibits

ITEM 6. Exhibits 31

: 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales $ 472,935 $ 419,249 $ 1,331,126 $ 1,271,556 Cost of sales 326,825 293,687 923,341 889,101 Gross profit 146,110 125,562 407,785 382,455 Selling, general and administrative expenses 106,502 89,706 301,694 273,720 Income from operations 39,608 35,856 106,091 108,735 Interest expense 15,716 12,684 46,644 36,068 Other expense (income), net (Note 15) 160 1,234 ( 2,844 ) 522 Income before income taxes 23,732 21,938 62,291 72,145 Provision for income taxes 2,631 5,766 13,165 19,339 Net income 21,101 16,172 49,126 52,806 Preferred stock dividend 23 22 68 67 Net income attributable to common shareholders $ 21,078 $ 16,150 $ 49,058 $ 52,739 Net income $ 21,101 $ 16,172 $ 49,126 $ 52,806 Foreign currency translation adjustments 380 ( 844 ) ( 141 ) ( 87 ) Comprehensive income $ 21,481 $ 15,328 $ 48,985 $ 52,719 Earnings per share (Note 9) : Basic $ 1.34 $ 0.98 $ 3.08 $ 3.08 Diluted $ 1.27 $ 0.93 $ 2.93 $ 2.94 Weighted average common shares outstanding: Basic 15,750 16,516 15,915 17,104 Diluted 16,590 17,356 16,755 17,944 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 35,000 $ 173,120 Restricted cash 91 91 Accounts receivable, net of allowance of $ 5,316 and $ 5,584 , respectively 337,722 311,171 Inventories 109,787 103,805 Costs and estimated profits in excess of billings 49,707 42,323 Prepaid expenses and other current assets 22,274 18,044 Total current assets 554,581 648,554 Property and

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View this 10-Q filing on SEC EDGAR