The 2020 Mid-Year Economic Update_long

Systemax Sales Up 17.1% in 3Q

Systemax, the parent of Global Industrial, reported profit nearly doubled to $24.1 million as the company notched all-time highs in quarterly operating profit and operating margin.
Systemax

Systemax Inc. (NYSE: SYX), the Port Washington, New York-based parent of Global Industrial, reported third-quarter sales of $285.7 million, up 17.1% from the same period the previous year. The company reported profit of $24.1 million, up 75.9% from $13.7 million in the third quarter of 2019.

For the first nine months, the company reported sales of $755.1 million, up 4.2% from the same period of 2019. Profit grew 23.6% to $47.7 million.

“We had an exceptional third quarter performance, achieving an all-time high in quarterly operating profit and operating margin,” said Barry Litwin, CEO. “Revenue increased 17%, as we benefited from our private label offering, an expanded pandemic product line, and solid gains from core product categories. Sales growth was fairly stable as we moved through the quarter, and has remained in the mid-teens in October. We delivered record profitability as both gross and operating margins expanded, with operating income improving 70% to more than $31 million.”

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