November Sales Improve at Fastenal - Analyst Blog
December 09 2011 - 5:15AM
Zacks
Fastenal Co. (FAST) reported net sales of
$234.4 million for the month of November, up 22.2% from $191.8
million posted in the year-ago period. Average daily sales during
the month amounted to $11.2 million versus $9.1 million in November
2010.
Daily sales to manufacturing customers (accounting for almost
50% of revenues) improved 20.9% year over year in November 2011.
Alongside, daily sales to non-residential construction customers
increased 15.4% year over year for the same month.
The company opened eight new stores in the month, thus bringing
the total store count to 2,583, spanning across Canada, Mexico, the
Dominican Republic, Puerto Rico, Singapore, China, and the U.S.
In October, Fastenal released its financial results for the
third quarter of 2011. 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. Total sales in the quarter rose 20.4% to
$726.7 million, slightly ahead of the Zacks Consensus Estimate of
$724 million.
The increase in total 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 increased 18.3%, but
were much lower than the year-ago level of 30.6%.
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.
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