Dxp Enterprises Inc Stock Price, News & Analysis

DXP Enterprises (NASDAQ: DXPE) announces the acquisition of Drydon Equipment and Burlingame Engineers, enhancing its position in the water and wastewater treatment markets. Drydon specializes in pumps, valves, and controls in Illinois, Indiana, Wisconsin, and Michigan, while Burlingame focuses on California's industrial and municipal sectors. Financial terms are undisclosed, but DXP utilized cash and stock for the acquisitions. These transactions align with DXP's strategy for growth and diversification, aiming to increase market share and improve customer service capabilities.

DXP Enterprises (NASDAQ: DXPE) has appointed Nick Little as Chief Operating Officer and Paz Maestas as Chief Marketing & Technology Officer, effective January 7, 2022. Nick, who has been with DXP for 18 years, will oversee strategic direction and operations. Paz, with 20 years at DXP, will lead e-commerce initiatives. Chairman and CEO David Little highlighted their experience as crucial for DXP's growth amid industry recovery. These appointments aim to strengthen leadership and position DXP for future opportunities.

DXP Enterprises, Inc. (NASDAQ: DXPE) reported a strong third quarter for 2021, achieving $289.5 million in sales, up 31.5% year-over-year. The company produced a GAAP diluted EPS of $0.36 and net income of $7.1 million, a turnaround from last year's loss of $34.7 million. Despite operational cash flow of $6.6 million, free cash flow decreased to $5.2 million. The acquisition of Process Machinery and Premier Water contributed to revenue growth. DXP maintains a strong liquidity position with $63.1 million in cash and $194 million in total liquidity.

DXP Enterprises, Inc. (NASDAQ: DXPE) received a Notice from Nasdaq on November 16, 2021 for failing to timely file its Form 10-Q for the quarter ended September 30, 2021. This notice indicates non-compliance with Nasdaq’s listing requirements under Rule 5250(c)(1). The company has 60 days to submit a plan for compliance, with potential extensions if accepted. However, there is no guarantee of acceptance. The company is actively working to complete the Form 10-Q and file it with the SEC.

DXP Enterprises, Inc. (NASDAQ: DXPE) announced on November 12, 2021, its decision to transition to a new audit firm for the remainder of fiscal 2021 and fiscal 2022. The company appointed McConnell & Jones LLP as its interim auditor to ensure timely completion of its Q3 Form 10-Q and full year audit. Despite late-year challenges, McConnell Jones is well-equipped to handle this transition. DXP emphasized its commitment to strengthening its finance and accounting functions while acknowledging successful recovery and reduced oil and gas exposure.

DXP Enterprises, Inc. (NASDAQ: DXPE) announced the appointment of Karen Hoffman as a new independent board member, effective immediately. Hoffman brings over 19 years of experience in tax accounting and the energy sector, currently serving as Global Tax Director for Transocean. DXP’s chairman, David Little, expressed enthusiasm about her diverse expertise, emphasizing the anticipated benefits of adding more diversity to the board as the company continues its growth trajectory.

DXP Enterprises (NASDAQ: DXPE) filed its 10K/A, reporting a slight increase in net income for 2018 and 2019, but a decrease in 2020. The restatement impacts were 7.6%, 2.8%, and 1.9% to net income for 2018, 2019, and 2020, respectively. The company emphasized its positive balance sheet and ongoing improvements in finance and accounting processes, including automation in accounts payable. DXP's CFO stated that the company has maintained strong cash availability over 16 quarters and is focused on stakeholder interests.

DXP Enterprises, Inc. (NASDAQ: DXPE) has completed the acquisition of Premier Water, a distributor focused on water and wastewater treatment in North and South Carolina. Although financial terms remain undisclosed, Premier's sales were approximately $3.6 million with an adjusted EBITDA of $850,000. This acquisition enhances DXP's capabilities in the water sector, adding new geography and diversifying their market exposure. The leadership expressed optimism about the positive impact on customers, employees, and shareholders.

DXP Enterprises, Inc. (NASDAQ: DXPE) announced it received a notice from Nasdaq on August 17, 2021, regarding non-compliance for failing to timely file its Quarterly Report on Form 10-Q for Q2 2021. The company has 60 days to submit a compliance plan, with the possibility of an extension until February 14, 2022, if accepted. Although the notice doesn't affect current trading, there is no guarantee of compliance or acceptance. DXP aims to file its Form 10-Q by September 15, 2021.