DXP Enterprises Inc, USA

DXP Enterprises Inc, USA

COMPANY WATCH Alfa Laval AB, Sweden DXP Enterprises Inc, USA Key Figures (SEK million) Third quarter ended 30.9 2014 2013 9708 7415 Order Intak...

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COMPANY WATCH

Alfa Laval AB, Sweden

DXP Enterprises Inc, USA

Key Figures (SEK million) Third quarter ended 30.9 2014

2013

9708

7415

Order Intake

Key Figures (US$ million) Three months ended 30.9 2014

2013

Sales Of Which: Innovative Pumping Solutions

387.1

329.7

88.6

61.1

Cost of Sales

273.6

232.6

Gross Profit

113.4

97.1

81.6

70.2

48.1

39.8

15.0

9.1

Net Sales

9272

7172

Cost of Goods Sold

6284

4686

Gross Profit

2988

2486

180

172

1001

1055

697

822

Nine months ended 30.9 2014

2013

EBITDA

39.8

32.6

26 151

22 069

Operating Income

31.8

26.9

Net Income

17.6

16.4

R&D Costs Operating Income Net Income

Order Intake Net Sales

24 292

21 192

Cost of Goods Sold

15 987

13 645

8305

7547

569

520

Gross Profit R&D Costs Operating Income

3009

3083

Net Income

2057

2169

Selling, General and Admin Expense Operating Income for Reportable Segments Of Which: Innovative Pumping Solutions

Nine months ended 30.9 2014 Sales Of Which: Innovative Pumping Solutions Cost of Sales

Sweden’s Alfa Laval has posted third quarter sales for fiscal 2014 of SEK9.3 billion, up 29.3% on the previous year, while order intake rose 30.9% to a record SEK9.7 billion. Both results were boosted by the April acquisition of Frank Mohn AS, a manufacturer of pumping systems for marine and offshore applications. The new addition saw sales in Alfa Laval’s Marine & Diesel division surge 105.5% on the 2013 comparator to SEK3.1 billion, while orders increased 138.7% to SEK3.7 billion. Elsewhere performance was more subdued, but still showed gains on the prior year. In the Process Technology segment revenues increased 12.7% to SEK3.6 billion, while

November 2014

new orders edged up 1.8% to - ΰÈÊLˆˆœ˜°Ê>ÀÃÊ,i˜ÃÌÀŸ“]Ê Alfa Laval’s president and CEO, said demand within the segment’s oil and gas extraction developed very well, especially in North America. In the Equipment division net sales were up 3.6% to SEK2.5 billion on the year prior, with order intake 4.3% higher at SEK2.4 billion. For the corresponding nine months, sales rose 14.6% to SEK24.3 billion, with order intake up 18.5% at SEK26.2 billion. “We expect that demand during the fourth quarter 2014 will be on about the same level as in the third quarter,” ,i˜ÃÌÀŸ“Ê>``i`°Ê■ www.alfalaval.com

927.8

259.1

155.6

791.0

650.0

Gross Profit

326.2

277.7

Selling, General and Admin Expense

243.8

204.9

130.1

109.8

40.3

24.3

105.7

89.0

Operating Income

82.4

72.9

Net Income

44.8

43.3

Operating Income for Reportable Segments Of Which: Innovative Pumping Solutions

COMMENT

2013

1117.2

EBITDA

COMMENT DXP Enterprises Inc’s third quarter 2014 sales were up 17.4% to US$387.1 million, with organic sales increased US$11 million or 3.33% and acquisitions positively impacting sales by US$46.4 million. Innovative Pumping Solutions third quarter 2014 revenue was up 45.0% year over year with a 16.9% operating income margin, while organic revenue slipped 3.5%. Company chairman and CEO David Little said the DXP team continues to improve and execute well in an inconsistent market

environment. “As we close out the year and begin planning for 2015, we remain mindful of the challenging macroeconomic environment including the impact of lower oil prices on our markets; nevertheless, our focus more on oil & gas production activity, on our other end markets, our diverse product and service offering, our terrific team of DXPeople and our ability to produce free cash flow, all give us confidence in the bright longterm prospects for DXP.” ■ www.dxpe.com

Pump Industry Analyst

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