Lawson Products Inc. (NASDAQ:LAWS), Chicago, Illinois, reported first-quarter sales of $91 million, a 0.3% decrease compared to the year-ago period. The company reported profit of $12.5 million, compared to $4.1 million in the same period a year ago.
“During this challenging coronavirus period, Lawson is focused on the safety of our team members, servicing our customers and maintaining our financial strength. Lawson has been deemed an essential business by the government. Our field sales team and distribution network continue to operate while following a strict health protocol. I am confident that the strength and dedication of our team and suppliers, coupled with our financial strength, will see us through this environment,” said Michael DeCata, president and chief executive officer.
“In the first quarter of 2020, revenue decreased slightly over last year. Although sales were increasing sequentially, we experienced declining sales due to the economic impact of the COVID-19 pandemic in the second half of March. Our adjusted operating income improved for the quarter as we leveraged our costs and immediately implemented actions to align our cost structure with the demand environment.”