Industrial distributor DXP Enterprises Inc. (NASDAQ: DXPE), Houston, TX, reported sales for the first quarter of $348.5 million, an increase of 20.1 percent year-over-year. Organic sales were up 1.7 percent. Profit decreased 12.2 percent to $11.6 million.
"This quarter’s results highlight the continued tepid growth in the U.S. and the slight decline in Canada," said CEO David Little. "Today’s environment presents unique challenges around DXP’s growth model. We will invest where returns and business strategies make sense with a renewed eye on cost, efficiencies and business discipline."
