Lawson Products sales up by 18.8 percent
Lawson Products reported that its net sales for 2021 increased 18.8 percent to $417.7 million compared to $351.6 million in 2020.
The increased sales were driven by the inclusion of Partsmaster sales of $57.8 million for the full year of 2021 compared to $22.6 million of sales recorded in the four months following the acquisition in 2020. Excluding the impact of the Partsmaster acquisition, organic sales grew 9.4 percent in 2021 over 2020. The Bolt Supply House business sales grew 18.6 percent in 2021 on customer expansion and improved branch performance.
Reported net income for 2021 was $9.4 million, or $1.01 per diluted share, compared to net income of $15.1 million, or $1.62, in 2020.
In the fourth quarter, net sales increased 4.0 percent to $102.1 million compared to $98.1 million in the fourth quarter of 2020. Strength within the Lawson MRO business through improved sales rep productivity and growth in The Bolt Supply House business drove the increase. The improvements were partially offset by lower sales to government customers compared to the prior year quarter. Average daily sales grew to $1.701 million compared to $1.609 million in the prior year quarter on one less selling day in the current year quarter, an improvement of 5.7 percent.
A net loss of $0.8 million, or 9 cents per diluted share, for the fourth quarter 2021 compared to net income of $0.2 million, or 2 cents, in the prior year quarter.
"Our strong full year growth was driven by a 9.4 percent organic increase plus our acquisitive growth. I’m proud of the team’s hard work in the quarter, despite ongoing challenges faced by many companies from supply chain disruptions, product costs increases and labor shortages," said Michael DeCata, president and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
