Lawson Products Inc. (Nasdaq: LAWS), Chicago, reported second-quarter sales of $106.5 million, up 47.7% compared to 2Q 2020. Net income of $2.9 million was up significantly from $0.4 million in the year-ago period.
“Lawson continues to generate solid operating results while maintaining a strong financial position,” said Michael DeCata, president and CEO. “Despite widely reported global supply chain disruptions, sales grew to $107 million in the second quarter, demonstrating both sequential and year-over-year growth. Our financial performance in this quarter benefited from continuing recovery in our customers’ end markets combined with the inclusion of our 2020 Partsmaster acquisition and ongoing operational investments in our business to support sales rep productivity and our distribution capabilities.
“I continue to be encouraged by the positive trends in the quarter, including the organic growth of our business which underscores the value of our well-established vendor managed inventory business model. Additionally, during the quarter we successfully transitioned the Partsmaster sales representatives to the Lawson platform and are now fulfilling their orders through the Lawson distribution network.”
For the first six months sales grew 28.8% to $210.1 million. Profit was cut in half to $6.5 million from $13.2 million.