Lawson Products sales flat for quarter
Lawson Products reported net sales for the first quarter of 2016 were $69.7 million versus $69.9 million a year ago.
Sales were impacted by a general slow-down in the MRO marketplace, continued weak demand from customers in the oil and gas industry and a decline in the Canadian dollar from a year ago. This overall decrease was partially offset by continued growth in the Kent Automotive Division as well as in many strategic accounts.
Net income for the quarter improved to $1.0 million, or 11 cents per diluted share, as compared to a net loss of $1.4 million, or 16 cents, for the same period a year ago.
“We have started 2016 with a solid first quarter,” said Michael DeCata, president and chief executive officer. "Sequentially, we realized improvements in our key customer metrics and our financial metrics including average daily sales, sales per rep per day, gross margin percentage and adjusted operating income. These results were achieved despite ongoing softness in the industrial market, the unfavorable Canadian exchange rate and continuing slow demand in the energy sector."