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Lawson Products, Inc. (NASDAQ: LAWS), Chicago, IL, reported third-quarter sales of $74.1 million, a year-over-year increase of 8.6 percent. Profit fell 23 percent to $460,000.
For the first nine months, sales were $215.4 million, up 6 percent over the same period a year ago. The distributor of MRO products recorded a net loss for the period of $1.7 million, compared to a net loss of $2.2 million a year ago.
"Our third quarter financial and operating performance demonstrates the value of recent infrastructure investments,” said Michael DeCata, president and CEO. “The improved productivity from our existing sales team and the growth in the number of new sales representatives are helping top-line sales while continued improvements in operational efficiencies are strengthening our customer service and helping us deliver stronger bottom line results."
Lawson has added 88 direct sales reps since the beginning of the year.
Read more about Lawson Product's strategic growth plans in the MDM Interview: Lawson Products’ Revitalization.