Lawson Products 3Q sales decline 4.7 percent
Third-quarter sales of $90.3 million for Lawson Products declined 4.7 percent from $94.8 million in 2019.
Average daily sales of $1.4 million decreased 4.7 percent from $1.5 million in last year's third quarter.
Reported net income was $1.7 million, or 19 cents per diluted share, compared to net income of $4.8 million, or 51 cents, for the same period a year ago.
Sequentially, sales grew by 25.1 percent from the $72.1 million reported in the second quarter.
““Our third quarter results confirm we are on the right path recovering from the impact of the pandemic-led economic downturn. Net sales for the third quarter grew 25.1 percent over the prior quarter and our adjusted EBITDA margin improved to 10.4 percent from 8.7 percent in the second quarter," said Michael DeCata, president and chief executive officer.
During the quarter, Lawson completed the acquisition of Partsmaster, an MRO distributor with sales of $63 million over the last 12 months. "Partsmaster is an excellent strategic fit with many similarities to Lawson. Less than 60 days since closing we are already acting on opportunities created by this combination. We are confident that we will produce value exceeding the sum-of-the-parts," said DeCata.
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.
