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Systemax posts 10% increase in net sales

Systemax posted a 10 percent increase in net

Systemax posted a 10 percent increase in net sales for the third quarter, partly based on the French market. Credit: Newsday

Systemax Inc., a Port Washington-based provider of industrial and technology products, Tuesday posted a 10 percent increase in net sales for the third quarter, partly on strength in the French market.

Net sales rose to $319.3 million from $290.2 million in the 2016 quarter, the company said in an earnings release after Tuesday’s market close.

Net income from continuing operations rose to $14.1 million, or 37 cents per diluted share, from $1.6 million, or 4 cents per diluted share, in the 2016 quarter.

Net loss from discontinued operations shrank to $2.8 million from $7.4 million in the year-ago quarter.

Sales in France from the European Technology Group increased 21.7 percent to $114.9 million.

“Performance in France included continued growth across all customer segments while producing solid profitability gains,” Systemax chief executive Larry Reinhold said in a statement.

Shares of Systemax gained 2.5 percent to close Tuesday at $28.55. The stock has gained about 270 percent in the past 12 months.

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