Lawson Products, Inc. (LAWS) a distributor of products and services to the MRO marketplace, posted a rise in profit for the third quarter, backed by increased revenue following acquisition of Partsmaster as well as strong sales in its MRO and The Bolt Supply House businesses. Excluding items, the company’s earnings met the Street view.
The Chicago-headquartered firm posted a net income of $3.7 million or $0.39 per share for the three-month period ended in September, compared to $1.7 million or $0.19 per share, reported, last year.
Adjusted income for the 90-day period rose to $6.0 million or $0.64 per share, from $5.8 million or $0.62 per share, recorded for the same quarter of 2020. Two analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $0.64. Analysts’ estimates typically exclude one-time items.
Amidst a rise in demand for the company’s products and services, the operating income of Lawson posted at $4.62 million for thirteen-week period ended on September 30, against $2.00 million, reported for the same quarter, last fiscal.
Adjusted EBITDA of the firm also increased by 0.4 percent for the July to September period, to $9.4 million, compared to the same three-month period of last fiscal.
The net sales in the third quarter of 2021 were $105.6 million, an increase of 16.9 percent compared to $90.3 million, generated in sales during the third quarter of 2020.
The sales growth was achieved by Lawson Products legacy business and the 2020 acquisition of Partsmaster. Excluding Partsmaster, sales improved by $7.1 million or 8.4 percent over the third quarter of last fiscal, driven by both improved business conditions and price actions within the Lawson MRO and The Bolt Supply House businesses.
The remaining sales increase was attributable to Partsmaster which contributed sales of $13.6 million in the third quarter of 2021 compared to $5.4 million in the one-month post-acquisition period of the third quarter of 2020, the company said in a statement.
Analysts’, on average, had expected the company to report a revenue of $107.21 million for the September quarter.
Source: Read Full Article