allezz, dan toch resultaten, maar geen 10Q. Op de details letten...
Voor de beperkte info ziet dat er zeer goed uit...

We turned this into a 9 percent sequential increase in operating income during a period where DXP has seasonally higher expenses. Total debt outstanding as of March 31, 2017 was $228.0 million.

dus een schuldvermindering met $8M, we zullen nog even moeten afwachten, maar ik ga er toch vanuit dat de FCF flink positief zal zijn, zeker ivg met de negatieve $9,4M uit 2016.


http://ir.dxpe.com/news-and-market-info ... fault.aspx

webcast slechte verbinding dus niet alles kunnen verstaan.
Net Debt is blijkbaar gestegen (moet ik mijn cijfers toch eens nakijken) & dus negatieve FCF,
uit de 10Q blijkt (dan toch?!) dat deze $ -2,8M bedraagt, nog steeds een stuk beter dan de -9,4 van vorig jaar.

http://d18rn0p25nwr6d.cloudfront.net/CI ... cb01b3.pdf

IPS backlog 27% omhoog eind Q1 vs Q4 16 !
Ze zien groei in al hun eindmarkten & winnen marktaandeel. CEO David Little blijft benadrukken dat de eerste focus is; schulden afbetalen, om zo financiëel sterk genoeg staan om nieuwe overnames te doen (zijn al onderhandelingen gaande)
avg. net debt/ ebitda = +- 3,3

Q&A
april sales 19 days; $ 3,944M (+- zelfde als in maart per day)
gemiddelde sales/day over Q1 was $ 3,67M (volgens mijn berekening)
Ze zien dat Oil&Gas-clienteel geleidelijk hun CapEx verhogen, permian business & canadese teerzanden very busy...

debt plan (is voor in de zomer gepland); veel opties...
beste is met veel flexibiliteit (vanwege overnameplannen) , long term bonds hoorde ik vallen met variabele interestvoet.

amper 2a3 vragen van 1 analist op de conference call :O


ook nog even melden, volgens seekingalpha:

DXP Enterprises (NASDAQ:DXPE): Q1 EPS of $0.17 beats by $0.10.
Revenue of $238.5M (-5.9% Y/Y) beats by $8.49M.

Bedankt Umi! Het aandeel maakte gisteren ook weer een raar sprongetje, maar dat mag je blijkbaar verwachten met dit aandeel.

Amai m'n botte... +21%

StevenB schreef: ↑16 mei 2017, 15:44 Amai m'n botte... +21%

Da's geen sprongetje meer, maar een reuzesprong!!!

kStond er ook op te kijken bij de vorige bokkesprong, maand later waren we terug bij het startpunt...

Nu dan maar direkt uitstapt, lesje geleerd, veel te volatiel voor mij. 22% gepakt, ikke content

We zijn op 26% geëindigd, meer dan ik verwacht had. Maar langs de andere kant was de koers dan ook belachelijk fel gedaald de laatste weken.
Minste scheet nieuws over olie & de koers zakt met 4%. CEO deed ook nogal lacherig over al de olie-geruchten.

Ik blijf zitten, goed MGMT dat ervaring heeft met moeilijke periodes te doorzwemmen & er dan beter uit te komen... Ze hebben hun huiswerk al gemaakt voor de dag dat de balans M&A weer toelaat.
Volgens mij nog 40% opwaarts potentieel, maar je moet uiteraard tegen een stevige stoot kunnen hier!

Is toch net iets handiger dan naar de audioversie te luisteren
https://seekingalpha.com/article/407349 ... ipt?page=1

IPS and frankly everybody's backlogs even though as you point out our IPS backlog is a longer term backlog than our daily day to day business. But everybody's backlogs are trending up, they're continuing to trim up so there's not again any reason why we don't feel that things will improve besides the fact that we deal with all the political mumbo jumbo that happens in Washington and all the politics around the price of oil depending on what Russians, Saudi Arabia are going to do. But what we're seeing in the field is positive signs of increased activity both industrial and oil and gas. And our backlogs are reflecting that.

I think the one that is shaping up to be the best for us given that we have several conversations going on with acquisitions and acquisitions has been a point of our growth in the past, as we look at other pump distributors and other metalworking distributors to buy other safety distributors.

Deze keer komen de cijfers optijd
25 juli nabeurs
https://finance.yahoo.com/news/dxp-sets ... 00768.html

daarnaast positieve geluiden in de sector;

uit Q2 results Dover vandaag;
and also from higher than expected U.S. rig count and increased well completions, which resulted in significant growth in Energy.

nog wat sectornieuws...

resultaten van Schlumberger klopt omzet & winstverwachtingen

Schlumberger Chairman and CEO Paal Kibsgaard commented, “Our second-quarter revenue increased 8% sequentially

“North America revenue increased 18% following our rapid deployment of idle hydraulic fracturing capacity as land activity further accelerated during the second quarter, partially offset by further weakness offshore in the US Gulf of Mexico. In US land, revenue grew 42% sequentially, a rate almost double that of the 23% increase in land rig count, driven primarily by hydraulic fracturing revenue that grew 68% as completions activity intensified and pricing continued to improve. Directional drilling revenue in US land was also higher as longer laterals requiring rotary steerable systems and advanced drillbit technologies continued to drive drilling intensity. Despite the significant costs associated with reactivating equipment, all of our US land product lines were profitable in the second quarter, driven by higher pricing, market share gains, improved operational efficiency, timely resource additions, and proactive supply chain management.

“While the activity outlook in North America for the second half of the year remains robust, we are now also seeing more positive signs in the international markets with increases in activity and new project plans starting to emerge in several GeoMarkets. The strengthening in the international markets has so far been concentrated around land activity in Western Siberia and in the OPEC Gulf countries but we are now also seeing an increasing number of new offshore projects being prepared for tendering and final investment decision (FID) in many of the world’s shallow water basins.

99% van DXPE's inkomsten zijn uit Noord-Amerika, die markt doet het duidelijk beter dan de internationale O&G-market.
DXPE voelt stijging van de Rig Count met een vertraging van +-9 maanden. Dus dat gaat stilletjes beginnen doorsijpelen in de cijfers

http://ir.dxpe.com/news-and-market-info ... fault.aspx

FCF van $ 9,5M over Q2. Valt me wat tegen, zullen zien wat de reden is. (10Q is nog niet beschikbaar)
H1 2016 = $ 8,3 M
H1 2017 = $ 6,7M

Sterke groei in service centers, maar IPS val zwaar tegen (terwijl ze hier hoge verwachtingen hadden.. Seasonality?). Benieuwd naar de conference call!

CEO klinkt alvast nog vol vertrouwen.

“We are pleased to report a strong second quarter and our outlook for the second half of 2017 continues to be positive. We continue to believe momentum is building in our business. DXP’s second quarter sales included sequential increases across Service Centers and Supply Chain Services. Total DXP EBITDA increased sequentially along with earnings per diluted share. The oil & gas and industrial economy remain firm with meaningful sales growth within Service Centers. Most of our customers and the markets we serve continue to show improvement. We remain encouraged by the sequential increases despite the continued choppiness from time-to-time in our key end markets.

ook nog geen nieuws over herfinanciering van de schulden.


blijkbaar EPS en revenue boven verwachtingen.
https://seekingalpha.com/news/3281150-d ... email_link

conference call kribbels ...
analisten zijn het allemaal eens; "congratz on the great quarter"

ivm FCF, werkkapitaal stak nog tegen voor $1,73M in Q2.
IPS backlog steadily increasing (20+ % tov Q1). competitive price pressure
1 business day minder in Q2.
6,2% cost on debt

ISM,PMI,GBI... op hun hoogste punt sinds lang
https://www.instituteforsupplymanagemen ... .cfm?SSO=1
http://www.mmsonline.com/blog/post/gard ... y-2017-571
volatiliteit van olieprijs heeft geen invloed gehad op de business.

sales per day ($ M)
apr 3,986
may 3,682
june 4,270
-----------------
avg. 3,979

backlogs continuing to build. steady growth. july sales growth 1,6% till now.
IPS; resultaten van dit kwartaal zijn orders uit 2016. Margins were lower, huidige markt minder extreem.
Pumpworks business; backlog started building in Q4 2016, continues to build. Business will continue to improve.
"Commercial pump"; very successful, 2jaar geleden mee gestart. Sell more pumps & will see a lift on parts in the future (hogere marges op wisselstukken dan op nieuwe pompen)
CEO is overtuigd dat hun pump gewoonweg beter is dan die van Goulds prijsdruk door gevecht voor marktaandeel. Enige waar Goulds klanten mee kan winnen.

refinancing; ze willen zeker zijn de juiste keuze te maken, not in a giant hurry. Convertible bond is geen optie. Voor eind vh jaar afronden.

We gonna make improvements on EBITDA margins to ultimately 10%. Maybe even better. 6,5 to 6,7% now; 7% in 4th quarter. next year at least 1% extra, dus 8% Ebitda margin over 2018.

Dus Ebitda van tegen de $70M voor 2017 & $80M voor 2018.
Stel dat FCF dit jaar op 46,7M uitkomt (in lijn met vorig jaar), zou net debt met $40M moeten verminderen. 221 - 40 => $ 181M
Net Debt/ Ebitda = 2,6x
over 2018 de schuld dan maximum 240M mogen bedragen. Dus indien ze hun herfinanciering rond hebben eind dit jaar, kunnen we mogelijk begin 2018 al een aankondiging verwachten ivm M&A.

...

De markt zit precies ook met die lagere FCF in de maag & de competitieve markt bij IPS zal ook meespelen. De vooruitzichten blijven goed, marges bij IPS zullen op termijn herstellen, backlog stijgt hier +20%

https://seekingalpha.com/article/409050 ... ipt?page=2

Working capital as a percentage over the last 12 months sales were 16.1%. This is slightly above our more recent average of 15.4% within our targeted ranges. Receivables were up 2.2% in the second quarter versus Q1, and inventory was up 7.6%. The increase in inventory was primarily driven to support service levels, invest in our pump inventory, and support customers within supply chain services.

Payables were also up increasing 12.2%. While we believe there is improvements still to come in terms of working capital, again we are comfortable with where we are at in the cycle. In terms of CapEx, CapEx in the second quarter was 517,000, down 14% sequentially and 58% year-over-year. This reflects the minimal maintenance CapEx that our business needs and our ability to control investments.

Turning to free cash flow, which is our home market strength in DXP, came in as expected in the second quarter. Our free cash flow for the quarter and year-to-date were 9.5 million and 6.7 million respectively. As we move into the second half of the year, this should accelerate as we move past the softer portion of the year in terms of our free cash flow generation. Return on invested capital or ROIC remained stable and strong at 19% and continues to be above our cost of capital.

Our flexible and balanced capital structure, cash flow generation, and improved operational execution allows us to continue to take distinct actions to further strengthen DXP, increasing the long-term attractiveness of our business model.

Sales of innovative pumping solutions products decreased $9.9 million or 18.2% to $44.5 million, compared to $54.3 million for the 2016 second quarter. This decrease was primarily the result of the lumpy nature of IPS sales combined with the decline in capital spending by our oil and gas customers during the first half of 2016 when many of the jobs recognized to sales during the second quarter of 2017 were ordered.

https://nl.investing.com/economic-calen ... count-1652

Gezien de stijging van de rig count sinds H1 2016 & bijgevolg de stijging van de backlog met meer dan 20% zal de omzet (en naderhand ook de marges) hier terug herstellen. Tijdelijk fenomeen dus.
Hun grote concurrent, goulds pumps (ITT corp.), sprak in Q1 nog over margeverbetering in H2. Impact oa door complexe projecten & het feit dat er bij weinig werk (oliecrisis 2016), ze hun personeel draaiende moet houden, marktaandeel willen behouden & dus projecten aannemen met lage marges... Zie bvb het order hieronder van $2,7M waar ze niets op verdienden

The gross profit percentage for the supply chain segment decreased as a result of increased sales of lower margin products to oilfield equipment service related customers. The decrease in gross profit percentage for the IPS segment is primarily the result of competitive pricing pressures. Additionally, the second quarter 2017 results include a $2.7 million job with breakeven gross profit. The increase in the gross profit percentage for the service center segment is primarily the result of increased margins on sales of safety services and bearings.

Right. So to be perfectly clear about things, I want to make sure, you know it’s hard to give some of this in a script, but the quarter that we just had was things that we sold back in the first half or kind of in the middle of 2016. So two things were happening, one is, that was a buyer's market, so our margins were lower. We just need the business to keep our shops busy and full et cetera. And so, we see some pluses around the fact that the fabrication jobs are still very competitive, but they are not extreme. We’re not having to be as extreme as we were a year ago. And then, I think that the projects have built starting in probably the third quarter of 2016, project started coming about and then each quarter those projects and number of things were quoting, booking, and then now producing, are all growing.

http://ir.flowserve.com/phoenix.zhtml?c ... ID=2289672

Resultaten van concurrent van dxpe in een bepaald segment van pompen zien er ook niet rooskleurig uit. Maar ze zien in ieder geval ook beterschap in H2.
De helft van de sales bij Flowserve komt van de 'aftermarket'. Deze is bij DXPE nog maar zéér klein vanwege stopzetten van contract met "Goulds" en de start van de verkoop van hun pompen 2 jaar terug. Dus daar zit nog aanzienlijke groei in & vooral hogere marges!

Huidige daling is imo serieus overdreven. Heb m'n (kleine) positie in Dover verkocht & DXPE bijgekocht.

Bericht van moody's is van een uur geleden; dus kan niet de oorzaak zijn van de koersdaling?
https://www.moodys.com/research/Moodys- ... -PR_370607