Systemax’s Results Miss Expectations (SYX)

Systemax Inc.

reports Q2 EPS of $0.25 versus estimates of $0.35. Systemax Inc. reports Q2 revenues of $805.9 million versus estimates of $845.55 million. Revenues increased 12% year over year (6% on a constant currency basis and excluding WStore). "Same store" business to business channel sales grew 21% while same store consumer channel sales declined 11%. Richard Leeds, Chairman and Chief Executive Officer said, "Systemax's solid second quarter performance, with consolidated sales growth of 12% and all-time record revenues, was once again led by our business to business channels, which produced strong results as small- and mid-sized businesses have started to return to more normalized spending. Our consolidated results demonstrate the benefits of our business diversification, one of the leading components of our long-term growth strategy, and continue to buffer the challenging consumer spending environment. Looking ahead, we remain focused on prudently building our businesses and leveraging our robust brand portfolio."