Lawson Products Inc. (Nasdaq: LAWS), Chicago, reported sales for 2020 of $351.6 million, down 5.2% from 2019. Profit more than doubled to $15.1 million from $7.2 million.
The company reported fourth quarter sales of $98.1 million, up 10.8% compared to the year-ago quarter. Net income of $0.2 million was up from a loss of $3 million in the year-ago period.
“Our fourth-quarter results demonstrate the progress we are making with the ongoing recovery from the 2020 pandemic-driven economic downturn,” said Mike DeCata, president and CEO. “Net sales for the quarter grew 11% to $98.1 million including a full quarter’s contribution from the Partsmaster acquisition completed in the third quarter. Profitability improved as we continued to leverage our cost structure and realize the benefit from our recent acquisition. Our organic adjusted EBITDA performance has returned to pre-pandemic levels. Cash flow generated during the quarter was $12.5 million and we finished 2020 in a strong financial position.”