|Over a month ago|
DXP Enterprises authorizes stock repurchase of up to $85M » 14:4405/1205/12/21
DXP Enterprises announced…
DXP Enterprises announced that its board of directors authorized a stock repurchase program under which up to $85M or 1.5M shares of its outstanding common stock may be acquired in the open market over the next 24 months at the discretion of management. The shares may be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending upon market conditions. Under the program, the purchases would be funded from available working capital. There is no guarantee as to the exact number of shares that will be repurchased, and DXP may discontinue the program at any time management determines additional purchases are not warranted. As of March 31, 2021, DXP had approximately 20M shares outstanding. David R. Little, Chairman and CEO commented, "The Board's approval of this program reflects confidence in DXP's future and puts us in a position to create additional shareholder value when the opportunities arise. Repurchasing stock is one means of underscoring our commitment to enhancing shareholder value and ensuring we have all the tools available to us as senior management. DXP's board and management believe that the most accretive and beneficial use of cash at times is the repurchase of our shares."
DXP Enterprises completes acquisition of Carter & Verplanck » 15:3205/0305/03/21
DXP Enterprises announced…
DXP Enterprises announced that it has completed the acquisition of Carter & Verplanck, Inc., a distributor of products and services exclusively focused on serving the water and wastewater markets that focuses on serving the Florida, Tennessee, Georgia and Alabama markets. Financial terms of the transaction were not disclosed. The purchase price will be financed with cash from DXP's balance sheet and DXP Enterprises, Inc. common stock as consideration. Sales and adjusted EBITDA for CVI for the last twelve months ending December 31, 2020 were approximately $29.5M and $5.0M, respectively. David Little, DXP's CEO stated, "We are excited to announce the closing of Carter & Verplanck. Along with our recent acquisitions at year end, CVI will expand our water and wastewater offering and provide us with a platform and an opportunity to better serve these targeted market needs. Similar to DXP, Carter & Verplanck is focused on providing superior customer service and product expertise."
|Over a quarter ago|
DXP Enterprises resumed with an Overweight at Stephens » 16:2310/1510/15/20
Stephens analyst Tommy…
Stephens analyst Tommy Moll resumed coverage of DXP Enterprises with an Overweight rating and $25 price target. Despite significant energy exposure, the company's earnings power "should remain consistent" and the current valuation offers an attractive entry point, Moll tells investors in a research note.
DXP Enterprises reports Q2 EPS 12c, consensus 17c » 08:1508/0608/06/20
Reports Q2 revenue…
Reports Q2 revenue $251.4M, consensus $271.69M. David Little, chairman and CEO, commented, "Before turning to our results, I would like to acknowledge our employees' resilience in the face of this historic COVID-19 pandemic and subsequent decline in activity levels in our oil and gas markets. As we have battled the pandemic for the last four months, our DXPeople have shown outstanding adaptability to the new working environment. They have embraced new work practices to mitigate contamination risks, while delivering outstanding product and service quality for our customers. As the pandemic lingers, we will continue to balance both safety and business priorities and strive to capture more market share. I was pleased with our team's execution on maintaining gross margins, cost discipline and our strong free cash flow generation."