DXP Enterprises(DXPE)2025-03-07 22:13Financial Performance - Fiscal 2024 sales reached $1.8 billion, representing a 7.4% increase from fiscal 2023[5] - Fourth quarter sales were $470.9 million, up from $407.0 million in the same quarter of 2023, marking a year-over-year growth of 15.6%[6] - Full year GAAP diluted EPS was $4.22, compared to $3.89 in fiscal 2023, reflecting an increase of 8.5%[6] - Adjusted EBITDA for fiscal 2024 was $191.3 million, a 9.8% increase from $174.3 million in 2023[6] - Adjusted net income for the twelve months ended December 31, 2024, was $75,396, up from $71,212 in 2023, representing a 5.5% increase[27] - The company reported a diluted earnings per share of $1.29 for the three months ended December 31, 2024, compared to $0.94 in 2023, a 37.2% increase[27] Cash Flow and Debt - Free cash flow for fiscal 2024 was $77.1 million, which is 42.3% of EBITDA, down from $94.0 million in fiscal 2023[6] - Free cash flow for the three months ended December 31, 2024, was $22,748, down from $37,287 in 2023, indicating a decrease of 39%[27] - The company ended fiscal 2024 with $148.4 million in cash and net debt of $500.6 million, resulting in a secured leverage ratio of 2.4:1.0[8] - Long-term debt rose to $621,684 as of December 31, 2024, from $520,697 in 2023, reflecting a 19.4% increase[18] Sales and Market Position - Innovative Pumping Solutions sales surged 47.7% to $323.0 million, while Supply Chain Services sales declined 1.5% to $256.4 million[8] - Organic sales for the three months ended December 31, 2024, were $436,127, compared to $404,232 in 2023, showing an 8% growth[25] - Total DXP sales for the three months ended December 31, 2024, reached $470,914, a 15.6% increase from $407,044 in the same period of 2023[20] Operational Efficiency - Operating income for the total segments increased to $64,948 for the three months ended December 31, 2024, compared to $51,142 in 2023, reflecting a 27% growth[20] - EBITDA for the three months ended December 31, 2024, was $48,984, up from $40,501 in 2023, representing a 21.5% increase[24] Assets and Liabilities - Total assets increased to $1,349,494 as of December 31, 2024, compared to $1,177,436 in 2023, marking a growth of 14.6%[18] - The total current liabilities increased to $243,984 as of December 31, 2024, from $224,165 in 2023, reflecting an 8.9% rise[18] Strategic Growth - DXP completed seven acquisitions during fiscal 2024, enhancing its market position[5] - The company expects continued growth driven by both organic and acquisition strategies, supported by a strong balance sheet[8]