Lawson Products, Inc. (NASDAQ: LAWS) reported $105.6 million in sales for the third quarter of 2021 and $315.7 million in sales for the first nine months of the year.
The third-quarter sales numbers were 16.9% above the same period for 2020, while the year-to-dale sales earnings were 24.5% over last year.
“Lawson generated solid operating results both sequentially and over the prior year despite the lingering effects of the pandemic, including disruption by the Delta variant, and pressure from wide-spread global supply chain disruptions,” said Mike DeCata, Lawson president and chief executive officer. “During the quarter, sales grew nearly 17% over the prior year quarter to $106 million benefiting from our 2020 acquisition of Partsmaster as well as strong sales in our Lawson MRO and The Bolt Supply House businesses. We continue to strengthen our financial position to support future growth.”
Lawson ranks No. 35 on MDM’s list of the Top 40 Industrial & Construction Distributors, with $351.6 million in revenue for 2020.
The company also ranks No. 13 on MDM’s list of the Top MRO Industrial Distributors.
Operating income was $4.6 million in the third quarter of 2021, compared to $3.4 million in the second quarter of 2021 and $2.0 million in the third quarter of 2020.
Adjusted operating income was $7.3 million in the third quarter of 2021, compared to $6.8 million in the second quarter of 2021 and $7.7 million reported in the year ago quarter.
“During the quarter, we faced similar global supply chain issues, labor shortages and inflation that impacted many businesses, DeCata said. “We are aggressively managing through this environment and have taken actions to improve product sourcing, pricing and labor allocation to protect our margins. As a result, our adjusted EBITDA this quarter is higher than the immediately preceding two quarters. With our strong balance sheet and margin performance, we expect to continue to achieve organic growth and make acquisitions that will leverage these strengths.”
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