Fastenal 4Q Profit Rises on Increased Demand
January 17 2019 - 7:46AM
Dow Jones News
By Carlo Martuscelli
Fastenal Co. (FAST) on Thursday reported an 11% rise in
fourth-quarter profit on improved sales, which were buoyed by
underlying market demand as well as contributions from its
industrial vending and onsite locations businesses.
The Winona, Minn.-based industrial supply company earned a
quarterly profit of $168.8 million, or 59 cents a share, compared
with $152.4 million, or 53 cents, for the same period last year.
Sales rose to $1.23 billion from $1.09 billion.
The company said that gross profit as a percentage of sales in
the quarter was 47.7%, a 110 basis point decline. It attributed the
decrease to inflation, higher freight costs, and the impact of
customer and product mix on margins.
Fastenal said it sees net capital expenditures costs in 2019 in
the range of $195 million to $225 million, which would represent
growth of between 17% to 35% on the year before. It attributed this
to planned spending on property and equipment to expand hub
capacity, vending devices, and hub vehicles.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
January 17, 2019 07:31 ET (12:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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