Lawson Products sales jump 47.7 percent
Lawson Products achieved second quarter sales of $106.5 million compared to $72.1 million in the prior year quarter, a 47.7 percent increase.
Excluding Partsmaster, sales have rebounded to within 3 percent of pre-pandemic levels.
Average daily sales of $1.6 million compared to $1.1 million in last year's second quarter.
Net income of $2.9 million, or 31 cents per diluted share, compared to net income of $0.6 million, or 7 cents per share, for the year ago quarter.
"Our financial performance in this quarter benefited from continuing recovery in our customers' end markets combined with the inclusion of our 2020 Partsmaster acquisition and ongoing operational investments in our business to support sales rep productivity and our distribution capabilities," said Michael DeCata, president and chief executive officer. "I continue to be encouraged by the positive trends in the quarter, including the organic growth of our business which underscores the value of our well-established vendor managed inventory business model. Additionally, during the quarter we successfully transitioned the Partsmaster sales representatives to the Lawson platform and are now fulfilling their orders through the Lawson distribution network.”
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.
