DXP Enterprises Reports $1.802 Billion Revenue for Fiscal Year 2024, Driven by Acquisitions and IPS Growth

DXP Enterprises, Inc. reported a total revenue of $1.802 billion for the fiscal year ending December 31, 2024, marking a 7.4% increase from $1.679 billion in 2023. The company's operating income rose to $145.4 million, up from $138.7 million the previous year, while net income attributable to DXP increased to $70.5 million, compared to $68.8 million in 2023. The earnings per share for 2024 were $4.44, reflecting a rise from $4.07 in the prior year. The growth in revenue was primarily driven by acquisitions and increased sales in the Innovative Pumping Solutions (IPS) segment, which saw a 47.7% increase in sales to $323 million.

In 2024, DXP completed seven acquisitions totaling approximately $174.9 million, contributing significantly to its revenue growth. The acquisitions were aimed at expanding the company's capabilities in the water and wastewater markets and enhancing its position in the rotating equipment sector. The company also reported a total backlog of $292.2 million in the IPS segment, indicating strong future revenue potential. DXP's employee headcount increased to 3,028, up from 2,837 in 2023, reflecting the company's growth strategy and operational expansion.

Geographically, DXP operates across 279 locations, including 193 facilities in the Service Centers and IPS segments, and 86 customer sites in the Supply Chain Services segment. The company serves customers in 38 U.S. states, nine Canadian provinces, and has a presence in the U.A.E., India, and Saudi Arabia. The Service Centers segment generated $1.223 billion in sales, while the Supply Chain Services segment reported $256 million, a slight decrease from the previous year. The overall increase in sales was attributed to a combination of organic growth and contributions from recent acquisitions.

Looking ahead, DXP anticipates continued growth in 2025, driven by a positive macroeconomic environment and ongoing demand in its end markets. The company plans to focus on improving working capital utilization and managing accounts receivable and inventory more effectively. DXP expects capital expenditures to range between $15 million and $25 million in 2025, primarily for strategic initiatives and technology upgrades. The company remains committed to its acquisition strategy, aiming to enhance its product offerings and expand its geographic reach further.