Lawson Products sales fall 24.9 percent
Lawson Products reported second-quarter sales of $72.1 million, a nearly 25 percent decline from $96.1 million in the same period last year.
Net income was $0.6 million, or 7 cents per diluted share, compared to net income of $1.3 million, or 14 cents, for the same period a year ago.
Average daily sales declined to $1.127 million compared to $1.502 million in the prior year quarter with both quarters having 64 selling days.
The decrease year-to-year reflects the economic impact of the COVID-19 pandemic with the most significant decline occurring in April when sales decreased 35%. Sequentially, May sales improved 23% and June sales further improved 6% as average daily sales started to recover during the quarter.
"The number of order lines and ship-to locations have been increasing on a sequential basis starting in May. For example, our lines shipped increased from 17,000 lines per day to the U.S. distribution centers in April to 23,000 lines per day in May, and continue to increase in July. Our services and the frequency of our visits are more critical than ever, as customers manage through the pandemic," 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.
