Fastenal Sales Rise
January 18 2017 - 8:19AM
Dow Jones News
By Imani Moise
Fastenal Co. said its fourth-quarter earnings rose as the
industrial company saw an uptick in sales at its existing
stores.
The Winona, Minn.-based distributor of nuts, bolts, hand tools
and other supplies has suffered from a slowdown in construction and
continuing economic uncertainty.
Growth in its fasteners business has slowed steadily since its
peak at over 10% in 2014, but the company has seen improvements
outside its core business with products such as safety supplies,
which now comprise over 15% of total revenue in the most recent
quarter. Daily sales growth for non-fastening products, which tend
to have tighter margins, grew 5.9%, while sales in its fastener
business contracted 2.4%.
Over all for the quarter, Fastenal reported a profit of $114.8
million, or 40 cents a share, up from $111.9 million, or 39 cents,
a year earlier. Revenue rose 2.7% to $947.9 million.
Analysts polled by Thomson Reuters had forecast earnings of 38
cents on $951.7 million in revenue.
Fastenal said its store count fell 4.5% to 2,622 at the end of
the quarter from a year prior. In recent years, Fastenal has grown
its industrial vending-machine business. The number of vending
machines grew 13% to 62,822.
Shares, inactive premarket, closed Wednesday at $48.26 and have
risen 26% over the past three months.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
January 18, 2017 08:04 ET (13:04 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Fastenal (NASDAQ:FAST)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fastenal (NASDAQ:FAST)
Historical Stock Chart
From Apr 2023 to Apr 2024