Lawson Products sales up 7 percent
Lawson Products reported first quarter sales increased 7.0% to $74.6 million, compared to $69.7 million a year ago.
Average daily sales were $1.166 million compared to $1.089 million in the previous year quarter and $1.122 million in the fourth quarter of 2016. Sales were positively impacted by an increase in the number of sales representatives from a year ago, the successful integration of acquisitions completed in 2016, deliberate actions that have improved sales rep productivity and the overall improvement in the MRO marketplace. All sectors of the Company experienced growth including regional, strategic, Kent Automotive and Government accounts. Excluding 2016 acquisitions, first quarter sales grew 5.0%.
Net income for the quarter was $0.9 million, or 9 cents per diluted share, as compared to net income of $1.0 million, or 11 cents, for the same period a year ago.
“In the first quarter of 2017, we experienced a continuation of the sales and operating improvement that started in late 2016. First quarter average daily sales increased 7.0% year-over-year and also increased sequentially over the preceding quarter. These higher sales led to significantly improved adjusted operating results compared to a year ago,” said Michael DeCata, president and chief executive officer.
“Our strong financial position provides us the flexibility to continue to invest in both sales rep development and acquisitions. We continue to provide our sales team with the training and tools they need to be successful. I believe that we are now starting to realize growth from these ongoing initiatives,” added DeCata.