COVID Impacts Lawson Sales
Lawson Products, Inc. had net sales of $72.1 million for the second quarter of 2020, a decrease of 24.9 per cent over net sales of $96.1 million in the second quarter of 2019. The decrease reflects the economic impact of the COVID-19 pandemic with the most significant decline occurring in April when sales decreased 35 per cent. Gross profit was $38.3 million for the quarter, down compared to $51 million in the year-ago period while gross margin remained flat at 53.1 per cent. Adjusted EBITDA was $6.3 million, a decrease of 33.1 per cent over $9.4 million last year. The company had net income of $0.6 million versus $1.3 million, a year-over-year decrease of 64.9 per cent.