Posted April 28, 2022

Lawson Products Q1 sales up 13.8 percent

Lawson Products said that its first quarter sales increased 13.8 percent to $117.9 million compared $103.6 million in the prior year quarter.

Lawson ProductsAverage daily sales grew 12.0 percent to $1.842 million from $1.644 million in the prior year quarter on one more selling day in the first quarter 2022 compared to the first quarter 2021.

The integrated Lawson/Partsmaster sales grew 12.1 percent through price, volume and sales rep productivity. Realization of price increases instituted during 2021 and the first quarter of 2022 led to higher sales on a sequential basis and compared to the prior year quarter. The Bolt Supply House sales improved 26.9 percent compared to the prior year quarter from continued strength in branch location sales and a recovery of direct sales to oil and gas customers.

Net income was $9.0 million, or 96 cents per diluted share, compared to $3.6 million, or 39 cents, in the prior year quarter.