DXP Enterprises, Inc. (NASDAQ:DXPE) Q1 2024 Results Conference Call May 9, 2024 11:30 AM ET

Company Participants

Kent Yee - Chief Financial Officer
David Little - Chairman & Chief Executive Officer

Conference Call Participants

Cole Couzens - Stephens Inc.

Operator

Thank you for standing by, and welcome to the DXP Enterprises First Quarter Earnings Call. [Operator Instructions] a reminder that this conference is being recorded.

Now I would like to turn the call over to Kent Yee, Chief Financial Officer. Kent, please go ahead.

Kent Yee

Thank you. This is Kent Yee, and welcome to DXP's Q1 2024 Conference Call to discuss our results for the first quarter ending March 31, 2024.

Joining me today is our Chairman and CEO, David Little. Before we get started, I want to remind you that today's call is being webcast and recorded and includes forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. A detailed discussion of the many factors that we believe may have a material effect on our business on an ongoing basis are contained in our SEC filings.

However, DXP assumes no obligation to update that information as a result of new information or future events. During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our earnings press release. The press release and in the accompanying investor presentation are now available on our website at ir.dxpe.com.

I will now turn the call over to David Little, our Chairman and CEO, to provide his thoughts and a summary of our first quarter performance and financial results.

David Little

Good morning, and thank you, Kent, and thanks to everyone for joining us today on our Fiscal 2024, First Quarter Conference Call. We are off to a great start in 2024. We remain highly focused on providing expertise. Our customers have come to expect from DXP and finding ways to help them manage their supply channel increase our uptime, increase productivity, achieve their ESG objectives and successfully run their operations. Many customers, especially those in industrial, energy and utility space continue to see solid end market demand for their products.

DXP remains committed to our overall focus of being customer-driven experts to keep their operations running and their people safe. This consistent approach has fueled our financial results. First quarter adjusted EBITDA of $40.3 million and adjusted diluted earnings per share of $0.74 was supported by sequential sales growth of 1.4%. Thanks to the efforts of all our DXP people across the company, as we continue to build on positive financial results in fiscal 2023. And driving further operational improvements while performing for our customers.