Industrial distributor DXP Enterprises Inc. (NASDAQ: DXPE), Houston, TX, reported sales for the first quarter of $341.6 million, a 2 percent decrease year-over-year. Organic sales were down 5.2 percent. Profit decreased 12 percent to $9.7 million.
"During the first quarter, we experienced strong organic growth within supply chain services," said CEO David Little. "Sales were down within our service centers and innovative pumping solutions businesses. This was primarily driven by softness in the upstream drilling, development and completion; upstream production; and mining markets. DXP’s first quarter results were also negatively impacted by the strengthening U.S. dollar. These declines were mitigated by strength in our chemical, food & beverage and MRO industrial markets."
