Posted February 18, 2011
Lawson Products sales up 13.1 percent
Lawson Products said its net sales for the fourth quarter of 2010 were $80.0 million, a 13.1% increase compared to $70.8 million in the prior year period.
The increase was primarily due to continued growth from the company's strategic accounts and governmental and automotive customers.
Gross profit for the period increased to $49.8 million or 62.2% of sales, compared to $42.9 million or 60.6% of sales over the prior year fourth quarter. Operating income was $1.2 million compared to a $1.1 million loss in the same period last year.
"During the quarter, we continued to execute our long-term growth plan and advanced several key operational initiatives. We sold Rutland Tool & Supply, which generated $11.0 million of cash and furthers our strategic focus on growing Lawson's core MRO business," said Thomas Neri, president and chief executive officer. "We also made significant progress towards implementing our new Enterprise Resource Planning (ERP) platform and accelerating sales productivity."
Net sales for the year were $316.8 million, a 5.0% improvement over $301.8 million for the full year of 2009.
