RTTNews | Jul 29, 2021 08:32AM EDT

08:31 Thursday, July 29, 2021 (RTTNews.com) - Maintenance and repair supplies distributor Lawson Products, Inc. (LAWS) on Thursday posted higher earnings in the second quarter, helped by increased customer demands and the 2020 Partsmaster acquisition. Earnings and revenues, however, came in below market expectations.

The company reported net income of $2.9 million or $0.31 per share in the second quarter, up from $0.6 million or $0.07 per share in the previous-year period.

Income, excluding items, was $5.6 million or $0.60 per share during the period, compared to $3.5 million or $0.37 per share a year ago. On average, 2 analysts polled by Thomson Reuters expected the company to post earnings of $0.68 per share in the period. Analysts' estimates, usually, exclude one-time items.

During the second quarter, sales rose 47 percent to $106.5 million from $72.1 million in the same period last year, while analysts were looking for sales of $107.8 million in the period.

Commenting on the results, President and Chief Executive Officer, Michael DeCata said, "Our financial performance in this quarter benefited from continuing recovery in our customers' end markets combined with the inclusion of our 2020 Partsmaster acquisition and ongoing operational investments in our business to support sales rep productivity and our distribution capabilities."

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