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Lawson Products Inc. (NASDAQ:LAWS), Chicago, IL, reported third-quarter sales of $88.5 million, up 17 percent over the prior-year period. Average daily sales increased to $1.4 million during the third quarter, compared to $1.2 million in the third quarter of 2017. The company reported a net loss of $816,000.
The distributor’s strong sales growth was driven by improved productivity by Lawson sales reps as well as the inclusion of The Bolt Supply House, acquired last year, the company said. Net income for the quarter was negatively affected by charges related to stock-based compensation, the firm said. Adjusted net income for the quarter was $5 million.