DXP Enterprises, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
March 20, 2018 at 09:08 pm EDT
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DXP Enterprises, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported sales of $265,627,000 compared to $222,291,000 a year ago. Operating income was $8,487,000 compared to $7,552,000 a year ago. Income before income taxes was $4,138,000 compared to $9,195,000 a year ago. Net income was $6,655,000 compared to $7,131,000 a year ago. Net income attributable to the company was $6,655,000 compared to $7,381,000 a year ago. Net income attributable to common shareholders was $6,632,000 or $0.36 per diluted share compared to $7,359,000 or $0.42 per diluted share a year ago. EBITDA was $15,807,000 against $20,428,000 a year ago. Adjusted EBITDA was $16,122,000 compared to $22,464,000 a year ago. Free cash flow was $3,363,000 compared to $10,889,000 for fiscal 2016. Adjusted free cash flow was $7,717,000 against $10,889,000 a year ago.
For the year, the company reported sales of $1,006,782,000 compared to $962,092,000 a year ago. Operating income was $33,490,000 compared to $19,332,000 a year ago. Income before income taxes was $16,892,000 compared to $9,674,000 a year ago. Net income was $16,529,000 compared to $7,151,000 a year ago. Net income attributable to the company was $16,888,000 compared to $7,702,000 a year ago. Net income attributable to common shareholders was $16,798,000 or $0.93 per diluted share compared to $7,612,000 or $0.49 per diluted share a year ago. EBITDA was $61,732,000 against $55,232,000 a year ago. Adjusted EBITDA was $64,017 compared to $59,698,000 a year ago. Free cash flow was $9,734,000 compared to $43,138,000 for fiscal 2016. Adjusted free cash flow was $26,788,000 against $43,138,000 a year ago. CapEx at fiscal 2017 was $2.8 million or 0.3% of fiscal 2017 sales.
Going forward, the company currently anticipate a combined federal and state effective state tax rate of approximately 28% to 30% for 2018.
DXP Enterprises, Inc. is a products and service distributor that offers solutions to industrial customers. It provides pumping solutions, supply chain services and maintenance, repair, operating and production (MROP) services. It has three segments: Service Centers (SC), Innovative Pumping Solutions (IPS) and Supply Chain Services (SCS). SC segment is engaged in providing MRO products, equipment and services, including technical expertise and logistics capabilities, to a variety of customers serving varied end markets with the ability to provide same day delivery. IPS segment provides integrated, custom pump skid packages, pump remanufacturing and manufactures branded private label pumps. SCS segment provides fully outsourced MRO solutions for sourcing MRO products, including inventory optimization and management, storeroom management, transaction consolidation and control, vendor oversight and procurement cost optimization, productivity improvement services, and customized reporting.
DXP Enterprises, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018