DXP Enterprises Inc, USA

DXP Enterprises Inc, USA

COMPANY WATCH DXP Enterprises Inc, USA Key Figures (US$ million) Three months ended 30.6 2012 Ebara Corp, Japan Key Figures (¥ million) Three months...

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COMPANY WATCH

DXP Enterprises Inc, USA Key Figures (US$ million) Three months ended 30.6 2012

Ebara Corp, Japan Key Figures (¥ million) Three months ended 30.6 2012

2011

Sales Of Which: Service Centers Innovative Pumping Solutions Supply Chain Services

261.9

197.7

184.1 35.2 42.6

139.5 21.8 36.4

Cost of Sales

185.3

140.4

Gross Profit

76.6

57.3

Operating Income

20.8

13.6

Net Income

12.2

7.6

Net Sales Of Which: Fluid Machinery & Systems

81 288 56 204

53 197

Cost of Sales

63 188

60 704

Gross Profit

18 099

19 333

Selling, General & Admin Expenses

17 260

16 957

839

2375

(823)

(285)

772

1648

(424)

417

Orders Received Of Which: Fluid Machinery & Systems

106 883

88 419

73 918

58 190

Backlog of Orders Received Of Which: Fluid Machinery & Systems

285 108

280 624

174 445

164 069

Operating Income/(Loss) Of Which: Fluid Machinery & Systems Ordinary Income

Six months ended 30.6 2012

2011

Sales Of Which: Service Centers Innovative Pumping Solutions Supply Chain Services

514.2

380.8

359.2 74.6 80.4

271.1 38.5 71.2

Cost of Sales

366.1

271.1

Gross Profit

148.1

109.7

Operating Income

40.8

25.2

Net Income

23.8

14.0

2011

Net Income/(Loss)

80 037

COMMENT DXP Enterprises Inc posted solid gains in sales and net income during both the second quarter and the six months ended 30 June 2012. At US$12.2 million, second quarter 2012 net income was well up on the US$7.6 million recorded for the second quarter of 2011, while sales increased US$64.2 million, or 32.5%, to approximately US$261.9 million from US$197.7 million for the same period in 2011. Net income for the six months ended 30 June 2012 was US$23.8 million compared with US$14.0 million for the first half of 2011. Sales in the first six months of 2012 increased US$133.4 million, or 35.0%, to approximately US$514.2 million from US$380.8 million in 2011. David Little, DXP Enterprises chairman and CEO, said: “We are pleased to report a strong second

September 2012

quarter and a positive outlook for the rest of 2012. We are optimistic that we will continue to show progress over the balance of the year despite the uncertainty and softness in some markets.” Mac McConnell, DXP Enterprises senior vice president and chief financial officer, added: “Our financial results reflect our continued focus on our organic and acquisition driven growth. I am excited that DXP has a new US$325 million credit facility with the ability to increase the facility by an additional US$100 million to support DXP’s growth.” During the first quarter of 2012, DXP Enterprises completed the acquisitions of three US pump distributors: Pump & Power Equipment Inc, Aledco Inc and Force Engineered Products Inc. ■ www.dxpe.com

COMMENT In the three months to 30 June 2012, Ebara Corp’s Fluid Machinery & Systems company saw first quarter sales increase 5.7% year on year to ¥56 204 million. However, the Fluid Machinery & Systems segment, which includes pumps, compressors and chillers, reported a first quarter loss of ¥823 million, ¥537 million higher than the ¥285 million loss reported at the same point last year. The pump business’s overseas markets were brisk during

the quarter. The number of electric power plant projects increased particularly in India, Vietnam and Taiwan, while in the chemicals market demand remains firm for fertilizer plants and other facilities. In Japan, private sector demand for equipment for buildings is showing moderate recovery, and since the 2011 earthquake and tsunami demand from the public sector, which had been stagnant, is also showing signs of recovery. ■ www.ebara.co.jp

Pump Industry Analyst

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