Lawson Products (LAWS) Tops Q1 EPS by 3c, Revenues Miss

Lawson Products (NASDAQ: LAWS) reported Q1 EPS of $0.52, $0.03 better than the analyst estimate of $0.49. Revenue for the quarter came in at $91 million versus the consensus estimate of $93.62 million.

"During this challenging coronavirus period, Lawson is focused on the safety of our team members, servicing our customers and maintaining our financial strength. Lawson has been deemed an essential business by the government. Our field sales team and distribution network continue to operate while following a strict health protocol. I am confident that the strength and dedication of our team and suppliers, coupled with our financial strength, will see us through this environment,” said Michael DeCata, president and chief executive officer.

"In the first quarter of 2020, revenue decreased slightly over last year. Although sales were increasing sequentially, we experienced declining sales due to the economic impact of the COVID-19 pandemic in the second half of March. Our adjusted operating income improved for the quarter as we leveraged our costs and immediately implemented actions to align our cost structure with the demand environment.

“Our financial position is strong and we are focused on maintaining its strength through effective and disciplined management. In late 2019, we entered into a new $100 million revolving credit agreement that provides us with significant financial flexibility. We entered this pandemic period in a strong position, both operationally and financially, and expect to exit it as strong as we entered it,” concluded Mr. DeCata.

For earnings history and earnings-related data on Lawson Products (LAWS) click here.

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