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.
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