Systemax, Inc. (SYX) Tops Q1 EPS by 5c, Slight Beat on Revenues

Systemax, Inc. (NYSE: SYX) reported Q1 EPS of $0.29, $0.05 better than the analyst estimate of $0.24. Revenue for the quarter came in at $232.2 million versus the consensus estimate of $231.83 million.

• Consolidated sales increased 9.4% to $232.2 million in U.S. dollars. On a constant currency basis, average daily sales increased 9.6%.
• Consolidated operating income grew 18.9% to $13.2 million compared to $11.1 million last year on a GAAP basis. On a Non-GAAP basis, consolidated operating income grew 27.4% to $14.9 million.
• Net income per diluted share from continuing operations grew 13.0% to $0.26. Non-GAAP net income per diluted share from continuing operations grew 26.1% to $0.29.

Barry Litwin, Chief Executive Officer, said, "We delivered strong financial performance in the first quarter as revenue reached $232 million, with average daily sales increasing 9.6%. Operating leverage from current operations was excellent, with the expansion of gross and operating margins driving a 19% improvement in operating income, and an impressive 27% improvement in non-GAAP operating income. This in turn provided strong cash flow generation in the quarter."

"With a robust platform and ability to deliver a personalized digital end-to-end and high-touch sales and customer experience, we have launched a number of continuous improvement initiatives that will allow us to accelerate our customer experience and champion a customer centric culture across every facet of the company. These actions are specifically designed to enhance service levels, and build a greater competitive advantage. We remain focused on delivering higher customer satisfaction, which will help drive revenueperformance and overall profitability."

For earnings history and earnings-related data on Systemax, Inc. (SYX) click here.

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