Houston-based pumping solutions and industrial supplies distributor DXP Enterprises reported its 2024 third quarter financial results on Oct. 31, showing an increase in sales, both year-over-year and sequentially.

The company posted 3Q sales of $472.9 million, up 12.8% year-over-year and up 6.1% from 2Q24. Gross margin of 30.8% ticked up 80 basis points year-over-year.

By DXP business segment during 3Q24:

• Service Center sales of $316.8 million were up 7.6% year-over-year with a 14.6% operating margin.
• Innovative Pumping Solution sales of $89.8 million were up 0.7% with a 20.3% operating margin.
• Supply Chain Services sales of $66.3 million were up 0.7% year-over-year with an 8.4% operating margin,

DXP’s 3Q operating profit of $69.2 million increase from the $58.1 million a year earlier, while net profit of $21.1 million was up from 2Q24’s 16.7 million, and increased year-over-year from $16.1 million in 3Q23.

3Q Adjusted EBITDA of $52.4 million on 11.1% margin was up compared to the $44.0 million on 10.5% margin for 3Q23.

“We have closed five acquisitions through the third quarter, and we have closed two acquisitions during the fourth quarter of 2024,” DXP CFO and Senior VP Kent Yee said in the company’s financial release. “This quarter’s financial results reflect continued execution of our strategic goals and the impact of our diversification efforts, an overall reduced energy industry exposure, and a strong balance sheet to support our key initiatives. Subsequent to the third quarter, we announced the successful completion of the repricing of our existing debt plus raising an incremental $105 million. DXP is saving one hundred basis points on existing debt, while raising incremental money to further drive anticipated acquisition growth. Total debt outstanding as of September 30, 2024, was $544.5 million.”

DXP was No. 21 on MDM’s Top Distributor’s List for Industrial Supplies, No. 8 for MRO, No 8. for Power Transmission/Bearings and No. 4 for Fluid Power.