Systemax reports strong 4Q sales as net income drops
Systemax is based in Port Washington. Credit: Systemax
Systemax Inc., a Port Washington distributor of industrial supplies sold through e-commerce websites, on Tuesday posted strong fourth quarter sales.
Sales increased 11.9 percent from the 2017 quarter to $217.7 million, the company reported.
Net income from continuing operations fell to $12.3 million, or 33 cents per diluted share, versus $32.6 million, or 86 cents per diluted share, in the year-earlier period.
The company attributed the weaker net income to tax benefits it reaped in the 2017 quarter. Net income was bolstered by $21.8 million in tax benefits, including provisions of the Tax Cuts and Jobs Act of 2017, Systemax said in a news release.
"The Industrial Products Group delivered another year of strong sales and operating performance, with record revenue of almost $900 million, an increase of over 13 percent," said Barry Litwin, the recently appointed chief executive, in a statement. "I joined Systemax in early January and my first two months have been a busy and exciting time."
Shares of Systemax, Long Island's sixth largest publicly traded company based on 2017 revenue of $1.3 billion, gained 0.7 percent to close Tuesday at $24.95. After-hours trading was flat.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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