DXP Enterprises sales drop 20.2 percent
DXP Enterprises reported sales for the fourth quarter of 2016 were $222.3 million, a decrease of 20.2 percent compared to $278.7 million for the fourth quarter of 2015.
Net income of $7.4 million, or 42 cents per share, compared to a net loss of $2.9 million, or a loss of 20 cents per share, in the same period last year.
For the year, sales were $962.1 million, compared to $1.2 billion for fiscal year 2015, a decrease of 22.9 percent. Organic sales decreased 23.6 percent, acquisitions positively impacted sales by $15.1 million for 2016.
Net income for the year of $7.2 million, or 49 cents per share, compared to a loss of $38.5 million, or a loss of $2.68 per share, in 2015.
Service Centers’ revenue for the fiscal year was $621.0 million, a decline of 24.9 percent year-over-year with a 7.7 percent operating income margin. Organic revenue declined 26.1 percent year-over-year as the Tool Supply and Cortech acquisitions positively contributed $15.1 million in sales during 2016.
Innovative Pumping Solutions’ revenue for the fiscal year was $187.1 million, a decline of 26.6 percent year-over-year with a 5.3 percent operating income margin.
Supply Chain Services’ revenue for the fiscal year was $154.0 million, a decline of 7.0 percent year-over-year with a 10.0 percent operating margin.