MRO distributor Lawson Products, Inc. (NASDAQ: LAWS) reported 2021 fourth-quarter net sales of $102.1 million, a 4% increase over the same period in 2020.
Average daily net sales in 4Q improved 5.7% to $1.701 million, compared to $1.609 million in the prior year quarter on one less selling day. For the full year, ADS increased by 19.7%, with organic sales growing 9.4%, Lawson said.
Adjusted EBITDA was $8.4 million or 8.3% of sales in 2021 4Q as compared to $9 million or 9.1% of sales for 4Q the prior year and $9.4 million or 8.9% of sales sequentially from the third quarter of 2021 on four fewer selling days. For all of 2021, adjusted EBITDA was $35.8 million as compared to $34.1 million in 2020.
“We are pleased to report net sales growth of 4.0% in the fourth quarter and 18.8% for the fiscal year, compared to last year,” Lawson President and CEO Michael DeCata said. “Our strong full year growth was driven by a 9.4% organic increase plus our acquisitive growth. I’m proud of the team’s hard work in the quarter, despite ongoing challenges faced by many companies from supply chain disruptions, product costs increases and labor shortages. Average daily sales for the quarter grew 5.7% to $1.701 million compared to the fourth quarter of 2020 from growth in both the Lawson MRO and The Bolt Supply House businesses. Sequential daily sales gains over the third quarter are evidence of strong customer demand that has continued into early 2022. The Company’s solid performance and positive operating cash flows in 2021 further strengthened our financial position to fund our growth initiatives.”