DXP Enterprises Adopts $85M Share Repurchase Plan

• DXP Enterprises Inc (NASDAQ: 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

See more from Benzinga

• BorgWarner Unveils New Target To Reduce Scope 3 Emissions

• Live Ventures Registers ~5% Revenue Growth In Q4

• Donald Trump NFTs Are Here: How You Can Buy Them And Get Dinner With The Former President - Digital World

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.