No. 7 public company: DXP Enterprises
Updated 6:58 pm, Monday, June 24, 2013
DXP Enterprises hopes to continually increase its North American footprint as an industrial distributor serving customers' downstream, midstream and upstream needs.
Although the company provides technical and transportation services for a variety of industries, from bicycle manufacturing and food services to mining and utilities, CEO David Little said DXP's main interest is in oil and gas, which accounts for 40 percent of its business.
DXP employs 2,300 full-time workers in the U.S., including 600 in Houston and 500 more elsewhere in Texas. Another 700 work in Canada, where the company focused much of its recent growth to accommodate higher production from the Alberta oil sands.
"We have full coverage of Canada to the west coast and east coast," said Little, also DXP's president and board chairman. "Marcellus, Bakken, Eagle Ford, Alberta. We're following the plays, but we have a lot of growth still to do plugging in some holes in the map."
The company has started that expansion already, increasing the number of U.S. service centers to 128 from 123 and, for the first time, entering Canada to operate 25 centers.
Little credits the expansion for DXP's jump up the Chronicle 100 rankings of top-performing public companies to No. 7, from No. 37 a year ago.
Revenue grew 35.9 percent, to $1.1 billion in 2012, while earnings per share increased 61.1 percent. The total return in 2012, 52.4 percent, was 1.5 times higher than 2011.
The plan at DXP is to grow 10 percent organically and 10 percent through acquisitions every year, Little said.
"If we do that, we double the size of the company every four years," he said. "Of course, the economy throws us a curveball every once in a while. But since 1986 we have doubled our size every five years."
Little noted, however, that increasing operations is successful only if the company maintains its quality of service.
"We're having fun over here," he said. "Our goal is to continue providing services that help our customers make more money."