DXP Enterprises sees Q3 revenue $228M-$231M, consensus $253.35M
Sees Q3 net income ($500,000)-$500,000. EPS consensus 12c. Sees gross profit $62M-$64M. Sees EBITDA $11M-$13M. "The sales decline in Q3 is mainly attributable to softness in July sales. "This was driven by bookings and shipments softening around the days before and after the July 4th holiday across all three business segments," said the company. "August and September sales were more in line with average year-to-date monthly performance. That said, we do expect seasonality which can be exacerbated by the upcoming holiday season, the elections, seasonal customer facility shutdowns as well as the recent sale of Vertex. We are pleased with our cost containment measures year-to-date. Free cash flow performance, cash flow from operations less capital expenditures, continues to be in line with expectations," said CEO Dave Little.