Specialty distribution holding company Lawson Products Inc. reported that first-quarter net sales increased to $117.9 million compared to $103.6 million in the first quarter of 2021.
Average daily sales were $1.842 million in 1Q 2022, an increase of 12% compared to $1.644 million of ADS in the first quarter of 2021.
In 1Q 2022, reported operating income was $12.1 million compared to operating income of $4.8 million in the prior-year quarter. The most recent quarter results include a non-operating net benefit of $5 million, which includes a stock-based compensation benefit of $8.6 million, partially offset by non-operating expenses of $3.6 million, which are primarily related to the April 1 combination of Lawson Products with TestEquity and Gexpro Services, the company said.
Lawson said net income for the quarter was $9.0 million or $0.96 earnings per diluted share compared to $3.6 million or $0.39 per diluted share in the prior-year quarter.
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