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Lawson Products Inc. (NASDAQ:LAWS), Chicago, IL, reported fourth-quarter sales of $86.3 million, up 7 percent compared with the year-ago period. Full-year sales grew 14 percent to $349.6 million, the company said.
The distributor reported net income of $2.6 million for the quarter, down from $20.2 million a year ago, which included a one-time tax benefit of $20.4 million, the company said. Adjusted net income, excluding the one-time tax benefit in 2017 and other non-recurring adjustments, improved by $1.6 million, the company said.
Lawson said 2018 was a strong year, driven by “leveraging the investments that we’ve made over the past several years. I’m very encouraged with these results and anticipate that we’ll continue generating incremental earnings with our existing growth strategy,” Michael DeCata, president and chief executive officer, said in a statement announcing the results.