Distribution Solutions Group again saw an annual loss in 2024 after a net loss in the fourth quarter of nearly $26 million.
The company, however, posted higher revenue and profit numbers for both the quarter and the year, and officials said that they were âpleasedâ with its overall performance.
The Forth Worth-based owner of Lawson Products, Gexpro Services and TestEquity on Thursday reported just over $1.8 billion in revenue last year, up nearly 15% compared to 2023 following six acquisitions in recent months. Organic revenue â which excluded those additions â was down 2.6% for the year.
Gross profit came in at $614 million and operating income was $56 million for the year, up from $552 million and $43 million, respectively, but DSG reported a full-year net loss of $7.3 million â although that was down from a nearly $9 million net loss in 2023.
DSGâs fourth-quarter revenue was $480 million â up from $405 million in the final quarter of 2023 â but its net loss soared year-over-year from $16 million in the previous Q4 to just shy of $26 million.
Quarterly gross profit of $160 million and operating income of $20 million were each up year-over-year.
DSG Chairman and CEO Bryan King said that the company was âpleasedâ with its full-year performance amid a persistent âsoft economic backdrop,â and said that fourth-quarter top-line numbers were âin line with expectations.â
âWhile we are early in the integration process of our five 2024 acquisitions, we firmly believe these will strengthen our position as a specialty distribution company,â King said in a statement. âWe remain highly focused on long-term value creation through the growth of our industrial distribution platform and the compounding effect of our cash flow reinvestment.â
Revenue numbers for the Lawson subsidiary were up slightly in both the fourth quarter and the full year, but operating income was down sharply across both timeframes.
DSG came in at no. 18 on IDâs 2024 Big 50 list.
