Lawson Products, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Capital Expenditure and Tax Rate Guidance for the Year 2018
July 26, 2018 at 07:30 am
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Lawson Products, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net sales were $90,382,000 against $75,006,000 a year ago. Operating income was $5,554,000 against $7,891,000 a year ago. Income before income taxes was $4,513,000 against $7,610,000 a year ago. Net income was $3,194,000 against $7,273,000 a year ago. Diluted income per share of common stock was $0.35 against $0.80 a year ago. Adjusted non-GAAP EBITDA taking into account stock-based compensation, severance and the discontinued operations accrual was $7.7 million for the quarter compared to adjusted EBITDA of $4.5 million a year ago. CapEx for the quarter was $776,000.
For the six months, the company reported net sales were $155,367,000 against $149,623,000 a year ago. Operating income was $7,391,000 against $8,603,000 a year ago. Income before income taxes was $6,397,000 against $8,453,000 a year ago. Net income was $4,430,000 against $8,130,000 a year ago. Diluted income per share of common stock was $0.48 against $0.89 a year ago.
The company expects CapEx for the full year of 2018 to be in the range of $2.5 million to $3 million, down slightly from previous guidance of $2.5 million to $3.5 million. The company expects tax rate to be 31%.
Distribution Solutions Group, Inc. is a specialty distribution company. The Company is engaged in providing value-added distribution solutions to the maintenance, repair and operations (MRO), original equipment manufacturer (OEM) and industrial technology markets. The Company operates through three segments: Lawson, Gexpro Services and TestEquity. Lawson is a distributor of products and services to the industrial, commercial, institutional and governmental MRO marketplace. Lawson primarily distributes MRO products to its customers through a network of sales representatives throughout the United States and Canada. TestEquity is a distributor of test and measurement equipment and solutions, electronic production supplies and tool kits from its manufacturing partners. The Companyâs Gexpro Services is a global supply chain solutions provider, specializing in the development of mission critical production line management, aftermarket and field installation programs.
Lawson Products, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Capital Expenditure and Tax Rate Guidance for the Year 2018