Fastenal Ups August Sales - Analyst Blog
September 07 2011 - 5:15AM
Zacks
Fastenal Co. (FAST) reported net sales of
$259.4 million for August 2011, up 25.4% from $206.8 million, a
year ago. Average daily sales during the month amounted to $11.3
million versus $9.4 million in August 2010.
Daily sales to manufacturing customers (who represent almost 50%
of revenues) improved 17.6% in August 2011 as compared with the
August 2010 daily sales performance. Alongside, daily sales to
non-residential construction customers increased 16.9% year over
year in the month under study.
Five new stores were opened in the month.
Thus, the total store count for the company at the end of August
numbered 2,567 in Canada, Mexico, the Dominican Republic, Puerto
Rico, Singapore, China and the U.S.
On July 12, 2011, Fastenal released its financial results for
the second quarter of the year. The company posted a 36% increase
in profit to $94.1 million in the second quarter of the year from
$69.2 million a year ago.
On a per-share basis, profit improved 39% to $0.32 from $0.23 a
year ago, nearly meeting the Zacks Consensus Estimate of $0.31.
Sales in the quarter rose 23% to $701.7 million, higher than the
Zacks Consensus Estimate of $699 million. Gross profit during the
quarter increased 23% to $366.2 million (52.2%) from $297.7 million
(52.1%) in the second quarter of 2010.
The increase in sales was due to aggressive store openings and
an increase in the company’s non-residential customers, accounting
for 20%–25% of sales historically. Sales on account of
non-residential construction increased to 15.8% from 0.5% in
the same quarter last year. Meanwhile, sales to manufacturing
customers (accounting for 50% of sales historically) declined to
18.5% from 29.8% a year ago.
Based in Winona, Minnesota, Fastenal is a leading national
distributor of industrial and construction supplies having 2,565
stores in Canada, Mexico, the Dominican Republic, Puerto Rico,
Singapore, China and the U.S as
of June 30, 2011. Year-to-date, the company opened 84 new
stores.
The company’s subsidiaries include Fastenal Canada Company,
Fastenal Company Services, Fastenal Company Purchasing, Fastenal
Company Leasing, Fastenal Mexico Services S. de R.L. de C.V. and
Fastenal Mexico S. de R.L. de C.V.
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