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DXP Enterprises Inc. (DXPE-8.60%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total sales of $1.8 billion for 2024, an increase from $1.7 billion in 2023. The increase was primarily driven by acquisitions and organic growth in the Service Centers and Innovative Pumping Solutions segments.
Operating income for the year was $145.4 million, up from $138.7 million in the previous year. The increase was attributed to higher sales and improved gross profit margins.
Net income for 2024 was $70.4 million, compared to $68.9 million in 2023. The effective tax rate for the year was 17.0%, down from 20.8% in the previous year.
Cash provided by operating activities was $102.2 million, while cash used in investing activities was $181.7 million, primarily due to acquisitions. Financing activities provided $56.8 million in cash.
DXP Enterprises completed seven acquisitions in 2024 for a total consideration of $174.9 million. These acquisitions contributed $91.3 million in sales for the year.
At the end of 2024, DXP had total assets of $1.35 billion and total liabilities of $926.7 million. The company had $148.3 million in cash and $648.9 million in total debt.
The company reported a backlog of $292.2 million for its Innovative Pumping Solutions segment, up from $138.4 million at the end of 2023.
DXP's board of directors approved a new share repurchase program in August 2024, authorizing the repurchase of up to $85.0 million worth of the company's common stock over 24 months.
DXP Enterprises operates in three segments: Service Centers, Innovative Pumping Solutions, and Supply Chain Services, serving a variety of industrial markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DXP Enterprises Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.