Lawson Products sales up 6%
Lawson Products reported that 2014 sales grew 6.0% to $285.7 million, compared to $269.5 million a year ago.
The Chicago-based distributor posted a loss of $4.4 million, or 50 cents per diluted share, compared to a loss of $5.1 million, or 59 cents, in 2013.
Fourth quarter sales increased 6.9% to $70.3 million versus $65.7 million for the fourth quarter of 2013. Average daily sales were $1.152 million in the recent quarter compared with $1.078 million a year earlier. The sales increase was driven by 12% year-over-year sales growth in strategic accounts and the Kent Automotive division. Additionally, productivity improvements from both existing sales representatives and newer reps developing their new territories contributed to the increase in sales.
Net loss for the fourth quarter of 2014 was $2.7 million, or 31 cents per diluted share, as compared to a net loss of $2.9 million, or 33 cents, for the same period a year ago.
"We continue to see solid improvements in our sales and operating performance as a result of our recent infrastructure investments and growth in our sales force,” said Michael DeCata, president and chief executive officer. “Growing sales has been and remains a primary focus for us. We delivered a 6.9% increase in net sales during the fourth quarter and 6.0% growth for 2014 fueled by strong performance of our strategic accounts and the Kent Automotive business. This growth demonstrates that we’re beginning to see improved results from our current strategy. Additionally, our gross profit improved over a year ago and over the third quarter as we were able to lower our purchasing costs and gain leverage on our distribution center costs; each being an operational priority we have focused on."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
