Lawson Products Inc. (Nasdaq: LAWS), Chicago, reported first-quarter sales of $103.6 million, up 13.8% compared to the first quarter of 2020. Average daily net sales for the MRO distributor soared 15.6% to $1.6 million. Net income of $3.6 million, however, was down significantly from $12.5 million in the year-ago period.
“Lawson had a productive first quarter building on its strong financial position placing itself in a good position to reinvest in the business to drive new growth initiatives,” said Michael DeCata, president and CEO. “Sales for the quarter were $103.6 million, an improvement of 13.8% compared to the same quarter a year ago. Achieving quarterly sales in excess of $100 million is a milestone for us, and a direct result of our three-part growth strategy of expanding our sales force, improving sales rep productivity and executing on accretive acquisitions. All of this was accomplished while gaining cost efficiencies within the business.”
“During the quarter, we made significant progress in the integration of Partsmaster in terms of both product rationalization as well as operational synergies,” DeCata said. “We are pleased with the Partsmaster performance and it is an excellent strategic fit. The integration will allow us to more effectively serve customers with an expanded and complimentary product offering.”