{"id":484116,"date":"2021-04-29T07:33:13","date_gmt":"2021-04-29T11:33:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lawson-products-announces-first-quarter-2021-results\/"},"modified":"2021-04-29T07:33:13","modified_gmt":"2021-04-29T11:33:13","slug":"lawson-products-announces-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lawson-products-announces-first-quarter-2021-results\/","title":{"rendered":"Lawson Products Announces First Quarter 2021 Results"},"content":{"rendered":"

<\/p>\n

Lawson Products Announces First Quarter 2021 Results<\/b><\/p>\n

CHICAGO–(BUSINESS WIRE<\/a>)–Lawson Products, Inc. (NASDAQ: LAWS) (\u201cLawson\u201d or the “Company”)<\/b>, a leading distributor of products and services to the MRO marketplace, today announced results for the first quarter ended March 31, 2021.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nFirst Quarter Summary Financial Highlights<\/td>\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
\n\n($ in millions, except earnings per share data)<\/td>\n\n\n

\nQ1 2021\n<\/p>\n<\/td>\n

\n\n

\nQ4 2020\n<\/p>\n<\/td>\n

\n\n

\nQ1 2020\n<\/p>\n<\/td>\n

\n\n

\nChange
\n
Q1 2021 vs
\n
Q4 2020\n<\/p>\n<\/td>\n

\n\n

\nChange
\n
Q1 2021 vs
\n
Q1 2020\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nNet sales<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n103.6\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n98.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n91.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

<\/tr>\n
\n\nAverage Daily Net Sales<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.644\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.609\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.422\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n15.6\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nReported Operating Income<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n4.8\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.7\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n18.6\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nN\/M\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n-74.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

<\/tr>\n
\n\nAdjusted Operating Income (1)<\/sup><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n7.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n6.9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n7.9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n-9.2\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nAdjusted EBITDA (1)<\/sup><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n9.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n9.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n9.5\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n-3.3\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

<\/tr>\n
\n\nAdjusted EBITDA Margin (1)<\/sup><\/td>\n\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9.1\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10.4\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n(30 bps<\/td>\n\n

\n)\n<\/p>\n<\/td>\n

\n\n(156 bps<\/td>\n\n

\n)\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\nReported Diluted Earnings Per Share<\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.39\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.02\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.34\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.37\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.95\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

<\/tr>\n
\n\nAdjusted Diluted Earnings Per Share (2)<\/sup><\/td>\n\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.58\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.60\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.52\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.02\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.06\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

(1) <\/sup>Excludes the impact of stock-based compensation, severance and employee acquisition costs and other non-recurring items. (See reconciliation in Table 1)\n<\/p>\n<\/td>\n<\/tr>\n

\n

(2) <\/sup>Excludes the impact of stock-based compensation, severance and employee acquisition costs and other non-recurring items. (See reconciliation in Table 2)\n<\/p>\n<\/td>\n<\/tr>\n

<\/tr>\n<\/table>\n

\n\u201cLawson had a productive first quarter building on its strong financial position placing itself in a good position to reinvest in the business to drive new growth initiatives. Sales for the quarter were $103.6 million, an improvement of 13.8% compared to the same quarter a year ago. Achieving quarterly sales in excess of $100 million is a milestone for us, and a direct result of our three-part growth strategy of expanding our sales force, improving sales rep productivity and executing on accretive acquisitions. All of this was accomplished while gaining cost efficiencies within the business,\u201d said Michael DeCata, president and chief executive officer.\n<\/p>\n

\n\u201cI am encouraged by the improvement in our sequential sales and profitability as we exited 2020 and transitioned into 2021. Our reported and adjusted operating income was in line with our expectations. Sales of our organic business grew sequentially in the first quarter and we are positioned well for continued growth in 2021.\n<\/p>\n

\n\u201cDuring the quarter, we made significant progress in the integration of Partsmaster in terms of both product rationalization as well as operational synergies. We are pleased with the Partsmaster performance and it is an excellent strategic fit. The integration will allow us to more effectively serve customers with an expanded and complimentary product offering.\n<\/p>\n

\n\u201cWhile the pandemic presented us with some challenges, we successfully made a major acquisition, built on our strong financial position, reduced our overall cost structure and continued to re-invest in the business to drive future growth. After we pay the remaining balance due of $33 million for the Partsmaster acquisition in the second quarter, we anticipate that we will have approximately $90 million available under our $100 million committed credit facility to fund growth initiatives and future acquisitions,\u201d concluded Mr. DeCata.\n<\/p>\n

Highlights<\/span><\/p>\n