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- DXP Enterprises Inc DXPE reported fourth-quarter sales growth of 26% year-over-year to $293.1 million.
- Sales by segments: Service Centers $207.96 million (+28.9% Y/Y), Innovative Pumping Solutions $43.18 million (+21.2% Y/Y), and Supply Chain Services $42.02 million (+17.4% Y/Y).
- EPS was $0.05 versus $(0.18) in 4Q20.
- The gross margin expanded by 200 bps to 28.9% for the quarter.
- Total segment operating income was $30.51 million (+39.3% Y/Y), and the margin expanded by 100 bps to 10.4%.
- Adjusted EBITDA increased by 24.2% Y/Y to $14.77 million, and margin contracted 10 bps to 5%.
- DXP Enterprises' net cash from operating activities stood at $37.09 million for FY21, compared to $109.65 million in FY20. Free cash flow was $32.76 million.
- As of December 31, 2021, DXPE had ~$180.7 million in liquidity, including $49 million in cash. Net debt was $277.7 million.
- "The sales momentum from our fourth quarter has positioned us for continued success as we move into 2022," commented David R. Little, Chairman and CEO.
- The company has completed its auditor transition plan, naming PricewaterhouseCoopers LLP as its independent registered public accounting firm for FY22.
- Price Action: DXPE shares are lower by 7.19% at $29.03 on the last check Friday.
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