Lawson Products sales climb 20.5 percent
Lawson Products reported sales of $90.4 million for the second quarter were up 20.5 percent compared to $75.0 million in 2017.
Average daily sales increased to $1.412 million during the quarter compared to $1.172 million in the second quarter of 2017 and increased 5.3 percent sequentially over the first quarter. Sales were positively impacted by $9.8 million from the inclusion of the Bolt Supply acquisition completed in the beginning of the fourth quarter of 2017 and a 9.1 percent improvement in Lawson's sales per rep per day productivity compared to the second quarter 2017.
Net income was $3.2 million, or 35 cents per diluted share compared to net income of $7.3 million, or 80 cents, for the same period a year ago. The second quarter of 2017 benefited by 60 cents per diluted share from a non-recurring gain on the sale of a facility. Excluding this non-recurring gain, net income per diluted share increased to 35 cents from 20 cents in the year ago quarter.
"Excluding last year's benefit from the sale of a facility, our results significantly improved this quarter as a result of our acquisition strategy, improving the productivity of our sales team, and the ability to leverage our infrastructure on strong organic sales growth," said Michael DeCata, president and chief executive officer. "The continued improvement in our financial performance is a result of investments that we have made over the past several years. We are encouraged by our performance to date and are confident that we will achieve increased earnings through growth in organic sales and accretive acquisitions."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
