October Sales Rise at Fastenal - Analyst Blog
November 14 2011 - 5:00AM
Zacks
Fastenal
Co. (FAST) reported net sales of
$246.7 million for October, up 21.4% from $203.2 million in the
year-ago period. Average daily sales during the month amounted to
$11.7 million versus $9.7 million in October 2010.
Daily sales
to manufacturing customers (who represent almost 50% of revenues)
improved 21.1% year over year in October 2011. Alongside, daily
sales to the non-residential construction customers increased 18.7%
year over year in the month under study.
The company
opened eight new stores in the month, thus bringing the total store
count to 2,575, spanning across Canada, Mexico, the Dominican
Republic, Puerto Rico, Singapore, China, and the U.S.
Last month,
Fastenal released its financial results for the third quarter of
the year. The company posted a 29.1% increase in profit to $96.8
million from $75.0 million in the year-ago quarter.
On a per
share basis, profit improved 32.0% to 33 cents from 25 cents a year
ago. However, earnings per share were in line with the Zacks
Consensus Estimate. Sales in the quarter rose 20.4% to $726.7
million, slightly above the Zacks Consensus Estimate of $724
million.
The increase
in sales was attributable to aggressive store openings and an
increase in the company’s non-residential customers, accounting for
20%–25% of sales historically. Sales to non-residential
construction increased 15.8% compared with 6.3% in the year-ago
quarter.
Meanwhile,
sales to manufacturing customers (accounting for 50% of sales
historically) increased 18.3%, but were much lower than 30.6%
registered in the prior-year quarter.
Based in
Winona, Minnesota, Fastenal is a leading national distributor of
industrial and construction supplies having stores in Canada,
Mexico, the Dominican Republic, Puerto Rico, Singapore, China, and
the U.S.
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.
FASTENAL (FAST): Free Stock Analysis Report
Zacks Investment Research
Fastenal (NASDAQ:FAST)
Historical Stock Chart
From May 2024 to Jun 2024
Fastenal (NASDAQ:FAST)
Historical Stock Chart
From Jun 2023 to Jun 2024