DXP Enterprises (DXPE) Q4 FY2023 earnings: revenue $407 million, up 0.2% on the year

DXP Enterprises Inc. (DXPE) reported revenue of $407 million for Q4 FY2023, the quarter ended 31 December 2023, up 0.2% on the same quarter a year earlier. Net income was $16 million, up 123.8% on the year, and diluted earnings per share $0.94. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2024.

Revenue$407 millionup 0.2%

Net income$16 millionup 123.8%

Diluted EPS$0.94

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	407	419	n/a	n/a
Cost of revenue	284	294	n/a	n/a
Gross profit	123	126	n/a	n/a
Gross margin	30.2%	29.9%	n/a
Selling, general and administrative	92.8	89.7	n/a	n/a
Operating income	30.0	35.9	n/a	n/a
Operating margin	7.4%	8.6%	n/a
Interest expense	17.1	12.7	n/a	n/a
Pre-tax income	14.8	21.9	n/a	n/a
Income tax	-1.2	5.8	n/a	n/a
Effective tax rate	-8.2%	26.3%	n/a
Net income	16.0	16.2	n/a	n/a
Net margin	3.9%	3.9%	n/a
Diluted EPS	$0.94	$0.93	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	42.4	39.8	n/a	n/a
Capital expenditure	5.2	1.5	n/a	n/a
Free cash flow	37.3	38.3	n/a	n/a
Free cash flow margin	9.2%	9.1%	n/a
Cash from investing	-6.7	-1.8	n/a	n/a
Cash from financing	110	-26.6	n/a	n/a
Depreciation and amortisation	5.2	8.0	n/a	n/a
Share-based compensation	0.9	0.9	n/a	n/a
Buybacks	0.0	22.6	n/a	n/a
Diluted shares, weighted	17m	17m	n/a	n/a
Shares outstanding at period end	16m	16m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	381	364	n/a	n/a
Debt	521	408	n/a	n/a
Operating lease liabilities	34.3	34.0	n/a	n/a
Finance lease liabilities	8.6	n/a	n/a	n/a
Other liabilities	233	239	n/a	n/a
Total liabilities and equity	1,177	1,045	n/a	n/a
Fixed assets	61.6	56.3	n/a	n/a
Goodwill	344	342	n/a	n/a
Intangible assets	63.9	n/a	n/a	n/a
Cash and equivalents	173	27.2	n/a	n/a
Receivables	311	321	n/a	n/a
Inventory	104	105	n/a	n/a
Other assets	120	193	n/a	n/a
Total assets	1,177	1,045	n/a	n/a

Questions

What was DXP Enterprises' revenue in Q4 FY2023?

DXP Enterprises (DXPE) reported revenue of $407 million for Q4 FY2023, the quarter ended 31 December 2023, up 0.2% on the same quarter a year earlier.

How much did DXP Enterprises earn in Q4 FY2023?

Net income for Q4 FY2023 was $16 million, up 123.8% on the year, and diluted earnings per share $0.94.

When did DXP Enterprises report Q4 FY2023 results?

DXP Enterprises filed its 10-K for the year that ended with the quarter on 11 March 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	419	407	413	446	473	471	477	499	514	527	522	576
Cost of revenue	294	284	289	308	327	322	326	341	352	361	353	393
Gross profit	126	123	124	138	146	148	150	158	161	167	169	183
Gross margin	30%	30%	30%	31%	31%	32%	32%	32%	31%	32%	32%	32%
SG&A	89.7	92.8	94.8	100	107	109	110	112	118	120	126	128
Operating income	35.9	30.0	29.1	37.4	39.6	39.3	40.5	46.0	43.7	46.7	42.5	55.5
Operating margin	9%	7%	7%	8%	8%	8%	9%	9%	9%	9%	8%	10%
Interest expense	12.7	17.1	15.5	15.4	15.7	17.3	14.7	14.7	14.9	16.2	16.4	16.8
Pre-tax income	21.9	14.8	15.6	23.0	23.7	22.7	27.2	31.6	29.5	31.0	26.6	39.7
Tax rate	26%	-8%	27%	27%	11%	6%	24%	25%	27%	26%	25%	28%
Net income	16.2	16.0	11.3	16.7	21.1	21.4	20.6	23.6	21.6	22.8	20.0	28.7
Net margin	4%	4%	3%	4%	4%	5%	4%	5%	4%	4%	4%	5%
Diluted EPS	$0.93	$0.94	$0.67	$1.00	$1.27	$1.29	$1.25	$1.43	$1.31	$1.39	$1.22	$1.76
Operating cash flow	39.8	42.4	27.0	14.7	28.3	32.1	3.0	18.6	34.9	37.8	29.6	32.4
Capital expenditure	1.5	5.2	2.9	8.8	4.0	9.4	19.9	10.3	6.7	3.3	3.3	2.6
Free cash flow	38.3	37.3	24.1	5.9	24.4	22.7	-16.9	8.3	28.1	34.5	26.3	29.8
Buybacks	22.6	0.0	14.8	9.2	4.8	0.2	0.0	0.0	2.0	15.1	n/a	n/a
Dividends paid	n/a	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Shares outstanding	16m	16m	16m	16m	16m	16m	16m	16m	16m	16m	16m	16m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 11 March 2024, accession 0001020710-24-000026: the filing on EDGAR. All of DXP Enterprises Inc.'s filings: EDGAR company page.

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