Systemax stock surges 20 percent on earnings news
Systemax Inc. of Port Washington, seen in an undated photo, reported Thursday, May 4, 2017, that first quarter earnings that were stronger than expected. Credit: Newsday
Shares of Systemax Inc. surged 20.6 percent to $15.61 in afternoon trading on the New York Stock Exchange Friday after the marketer of industrial and computer supplies posted first quarter earnings that were stronger than expected.
After the market close Thursday, the Port Washington company reported net income per share of 28 cents from continuing operations. That compared to a consensus estimate of 6 cents a share, according to Bloomberg News.
Systemax has largely completed its program to shed underperforming businesses and reconfigure the company, chief executive Larry Reinhold said in a statement Thursday.
In 2012, Systemax discontinued its retail brands, CompUSA and Circuit City, and exited the personal computer manufacturing business. The company sold its TigerDirect brand and other assets to El Segundo, California-based PCM Inc. for $14 million in 2015.
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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