DXP Enterprises Adopts $85M Share Repurchase Plan

  • DXP Enterprises Inc DXPE said its Board of Directors authorized a new stock repurchase program of up to $85.0 million or 2.8 million shares.
  • The shares may be acquired in the open market over the next 24 months at the discretion of management.
  • Previously, the company completed the repurchase of 1.5 million shares, under the 2-year program, which began in May of 2021.
  • As of September 30, 2022, DXP had approximately 19.7 million shares outstanding.
  • “We continue to believe that the most accretive and beneficial use of cash at times is the repurchase of our shares,” said Chairman and CEO David R. Little.
  • The company held $17 million in cash and equivalents as of September 30, 2022.
  • Price Action: DXPE shares are trading higher by 1.26% at $26.75 on the last check Thursday.
  • Photo Via Company
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