Systemax posts 10% increase in net sales
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.
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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