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Lawson Products’ Sales Up 6.3% in 2Q

Lawson Products Inc. (NASDAQ:LAWS), Chicago, reported second-quarter sales of $96.1 million, up 6.3% compared to the 2018 second quarter. Net income was $1.3 million compared with $3.2 million in the year-ago period

Sales growth reflected a 3% increase in the Lawson segment sales rep productivity driven by increases with government, core and Kent Automotive customers. The Bolt Supply House, which represents 12% of consolidated sales, increased 14% reflecting strength across multiple product categories. In addition, Screw Products, which was acquired in the fourth quarter of 2018, contributed to the increase with sales of $0.7 million. Excluding the impact of currency fluctuations, consolidated sales increased 7.1% for the quarter. Average daily sales grew to $1.5 million compared to $1.4 million in the prior year quarter with 64 selling days in both quarters.

For the first six months sales grew 8.1% to $167.9 million. Profit grew 23% to $5.5 million.

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