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Systemax reported a remarkable fourth quarter for 2020, with net sales rising 23.3% to $273.9 million and full year sales exceeding $1 billion.
Operating income surged 46.5% to $21.1 million, while net income per diluted share from continuing operations increased 40% to $0.42.
The Board declared a $0.16 dividend, marking a 14.3% increase. Strong profitability metrics and positive outlook on B2B e-commerce growth were highlighted as key drivers for continued business momentum.
Systemax announced the release of its financial results for the fourth quarter and full year ended December 31, 2020, scheduled for February 23, 2021, after U.S. market hours. Management will host a conference call at 5:00 p.m. Eastern Time on the same day, accessible by dialing 412-317-6347 or via webcast on the company's investor relations website. An archive of the webcast will be available for 90 days post-event. Systemax is a North American provider of industrial products, primarily through its brand Global Industrial.
Systemax Inc. (NYSE:SYX) has named Claudia Hughes as the Senior Vice President and Chief Sales Officer, effective immediately. In this new role, she will oversee sales and customer initiatives for Global Industrial’s U.S. and Canadian sales teams. Hughes brings over 20 years of experience, previously serving as Senior Vice President at Office Depot. Both CEO Barry Litwin and Hughes expressed optimism about the company's growth opportunities and the potential to enhance sales strategies.
Systemax Inc. (NYSE: SYX) introduced a new brand identity for its subsidiary, Global Industrial, on January 11, 2021. This rebranding underscores the company’s 70-year legacy and dedication to enhancing customer experiences. The tagline, ‘We Can Supply That’, emphasizes their commitment to addressing both current and future customer needs. With over a million products and exclusive brands, Global Industrial aims to leverage its strong e-commerce platform and personalized service model. A video showcasing the new brand identity has also been launched.
Systemax Inc. (NYSE:SYX) announced that CEO Barry Litwin has been awarded Best CEOs 2020 by Comparably, highlighting the company's focus on employee engagement during 2020. This award is based on anonymous employee feedback and reflects Systemax's efforts to strengthen both employee and customer relationships amid the challenges of the COVID-19 pandemic. Comparably’s recognition emphasizes the importance of leadership in promoting workplace well-being alongside business growth. Barry Litwin expressed gratitude for the acknowledgment and reaffirmed the company's commitment to building on its successes.
Systemax (NYSE: SYX) has declared a special cash dividend of $2.00 per share, payable on December 28, 2020, to shareholders of record as of December 18, 2020. This marks the fourth special dividend in four years, contributing to nearly $500 million in dividends paid since 2018. The company cites a strong balance sheet and robust cash generation as factors enabling this distribution, with plans to continue supporting future growth and regular dividends.
Global Industrial, a subsidiary of Systemax Inc. (NYSE:SYX), has launched the "Ready. Set. Vaccinate" guide to assist healthcare facilities in preparing to administer COVID-19 vaccines. The guide aims to streamline the logistics of vaccination, including patient management and vaccine storage, as over 360 million people in the U.S. and Canada await vaccination.
CEO Barry Litwin emphasized the company’s commitment to providing solutions during the pandemic. The press release highlights recent promising vaccine announcements that have raised hopes for effective vaccination efforts.
Systemax Inc. (NYSE:SYX) has announced that CEO Barry Litwin and CFO Tex Clark will host 1-on-1 meetings at the Southwest IDEAS Virtual Investor Conference on November 19, 2020. A pre-recorded presentation will be available for streaming on November 18, 2020, at 8:00 am ET via Systemax's investor relations website. Systemax operates through branded e-Commerce websites and relationship marketers, with its primary brand being Global Industrial.
Systemax reported a robust third quarter for 2020, achieving net sales of $285.7 million, a 17% increase year-over-year. Operating income surged to $31.4 million, marking a 70% rise from the previous year, while the operating margin expanded to 11%. Net income per diluted share climbed to $0.64, reflecting a 78% growth. The company also declared a $0.14 dividend for shareholders. With strong momentum in e-commerce and customer acquisition, Systemax is poised for a strong finish to the year.
Systemax (NYSE: SYX) has launched its Ready. Set. campaign to support businesses amid the ongoing pandemic. This initiative focuses on providing solutions and products for pandemic management, seasonal preparations, and core business growth. The campaign includes three key components: Ready. Set. Protect, Ready. Set. Prep, and Ready. Set. Grow. Additionally, the annual national trade show will be held virtually from October 13-15, showcasing over 150 booths and opportunities for interaction with suppliers. Global Industrial aims to help customers adapt and thrive in the current environment.
