Lawson Products sales up 6 percent
Lawson Products reported that net sales increased 6.0 percent in 2019 to $370.8 million from $349.6 million in 2018.
Sales for the core Lawson segment were positively impacted by a 2.3 percent improvement in sales productivity of Lawson sales representatives as well as an improvement in sales to government, strategic, Kent Automotive and core customers compared to the prior year. Sales were also positively impacted by a 13.3 percent improvement in Bolt Supply sales spread across multiple product categories.
Average daily sales improved 5.6 percent to $1.471 million in 2019 compared to $1.393 million in 2018 with one more selling day in 2019. Excluding the impact of currency fluctuations, consolidated sales increased 6.6 percent year over year.
Net income for 2019 was $7.2 million, or 77 cents per diluted share, compared to $6.2 million, or 67 cents, in 2018.
For the fourth quarter, sales increased 2.7 percent to $88.6 million compared to $86.3 million in the fourth quarter of 2018. A net loss for the fourth quarter of 2019 was $3.0 million, or 34 cents per diluted share, compared to net income of $2.6 million, or 28 cents per diluted share, for the same period a year ago.
"Our reported fourth quarter financial results were negatively impacted by $10.2 million of stock-based compensation expense as a result of a significant increase in our stock price during the quarter," said Michael DeCata, president and CEO.
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.
