Fastenal Company (Nasdaq:FAST), a leader in the wholesale
distribution of industrial and construction supplies, today
announced its financial results for the quarter and year ended
December 31, 2018. Except for share and per share information,
or as otherwise noted below, dollar amounts are stated in millions.
Throughout this document, percentage and dollar calculations, which
are based on non-rounded dollar values, may not be able to be
recalculated using the dollar values included in this document due
to the rounding of those dollar values.
PERFORMANCE SUMMARY
|
Twelve-month Period |
|
Three-month Period |
|
2018 |
|
2017 |
|
Change |
|
2018 |
|
2017 |
|
Change |
Net sales |
$ |
4,965.1 |
|
|
4,390.5 |
|
|
13.1 |
% |
|
$ |
1,231.6 |
|
|
1,088.5 |
|
|
13.2 |
% |
Business
days |
254 |
|
|
254 |
|
|
|
|
63 |
|
|
63 |
|
|
|
Daily
sales |
$ |
19.5 |
|
|
17.3 |
|
|
13.1 |
% |
|
$ |
19.6 |
|
|
17.3 |
|
|
13.2 |
% |
Gross profit |
$ |
2,398.9 |
|
|
2,163.6 |
|
|
10.9 |
% |
|
$ |
587.8 |
|
|
531.2 |
|
|
10.6 |
% |
%
of sales |
48.3 |
% |
|
49.3 |
% |
|
|
|
47.7 |
% |
|
48.8 |
% |
|
|
Operating income |
$ |
999.2 |
|
|
881.8 |
|
|
13.3 |
% |
|
$ |
233.4 |
|
|
203.3 |
|
|
14.8 |
% |
%
of sales |
20.1 |
% |
|
20.1 |
% |
|
|
|
19.0 |
% |
|
18.7 |
% |
|
|
Earnings before income
taxes |
$ |
987.0 |
|
|
873.1 |
|
|
13.0 |
% |
|
$ |
229.8 |
|
|
200.8 |
|
|
14.4 |
% |
%
of sales |
19.9 |
% |
|
19.9 |
% |
|
|
|
18.7 |
% |
|
18.5 |
% |
|
|
Net earnings |
$ |
751.9 |
|
|
578.6 |
|
|
29.9 |
% |
|
$ |
168.8 |
|
|
152.4 |
|
|
10.7 |
% |
Diluted net earnings
per share |
$ |
2.62 |
|
|
2.01 |
|
|
30.5 |
% |
|
$ |
0.59 |
|
|
0.53 |
|
|
11.2 |
% |
Quarterly Results of Operations
Net sales increased $143.2, or 13.2%, from the fourth quarter of
2017 to the fourth quarter of 2018. This increase was driven by
higher unit sales related primarily to continued strength in
underlying market demand and contribution from our growth drivers,
most notably industrial vending and Onsite locations. A lesser
contributor to our sales growth in the fourth quarter of 2018 was
higher product pricing as a result of increases over the course of
2018 to mitigate inflation in the marketplace. Sales of our
fastener products grew 11.3% on a daily basis and represented 34.4%
of sales in the fourth quarter of 2018. Sales of our non-fastener
products grew 14.6% on a daily basis and represented 65.6% of sales
in the fourth quarter of 2018.
Our gross profit, as a percentage of net sales, declined 110
basis points to 47.7% in the fourth quarter of 2018 from 48.8% in
the fourth quarter of 2017. The most significant factors behind the
decline in our gross profit percentage in the period were the net
impact of inflation and the impact of customer and product mix on
product margins, and higher freight costs, with these unfavorable
factors only partly offset by favorable net rebates. Relative to
the third quarter of 2018, our fourth quarter of 2018 gross profit
percentage declined 40 basis points from 48.1%. The same
factors that produced the decline in gross margin in the fourth
quarter of 2018 from the fourth quarter of 2017 drove the decrease
in gross margin in the fourth quarter of 2018 from the third
quarter of 2018.
Our operating income, as a percentage of net sales, improved to
19.0% in the fourth quarter of 2018 from 18.7% in the fourth
quarter of 2017. Our operating and administrative expenses
(including the loss on sales of property and equipment), as a
percentage of net sales, improved to 28.8% in the fourth quarter of
2018 compared to 30.1% in the fourth quarter of 2017. The primary
reason for this improvement was our ability to leverage
employee-related, occupancy-related, and other operating and
administrative expenses.
Employee-related expenses, which represent 65% to 70% of total
operating and administrative expenses, increased 10.0% in the
fourth quarter of 2018 when compared to the fourth quarter of 2017.
The increase in employee-related expenses was mainly related to:
(1) higher bonuses and commissions due to growth in net sales and
net earnings, (2) an increase of 6.6% in our full-time equivalent
('FTE') headcount, (3) moderate increases in hourly base wages, and
(4) higher profit sharing expense. Occupancy-related expenses,
which represent 15% to 20% of total operating and administrative
expenses, increased 7.2%. This was primarily due to an increase of
24.0% in expenses related to industrial vending equipment, as
facility costs rose just slightly, with a decline in branch
expenses only partly offsetting an increase in non-branch expenses.
All other operating and administrative expenses, which represent
15% to 20% of total operating and administrative expenses,
increased 0.5%. This was primarily due to (1) higher spending on
information technology and (2) higher selling-related
transportation costs resulting from higher vehicle expenses and
fuel prices, though the impact of the latter has moderated versus
previous quarters. These factors were partly offset by a modest
decline in general corporate expenses.
Our net interest expense was $3.6 in the fourth quarter of 2018
compared to $2.5 in the fourth quarter of 2017. This increase was
mainly caused by a higher average debt balance during the period
and higher average interest rates.
We recorded income tax expense of $61.0 in the fourth quarter of
2018, or 26.6% of earnings before income taxes. This reflects
primarily two items: (1) the impacts of the tax legislation
commonly referred to as the Tax Cuts and Jobs Act (the 'Tax Act')
resulted in a lower tax rate beginning in the first quarter of
2018, and (2) the impact of a discrete expense of approximately
$3.2 related to the impact of the change in our tax rate on
inter-entity transactions. Excluding this discrete expense, our
fourth quarter of 2018 tax rate would have been 25.2%. Income tax
expense was $48.4 in the fourth quarter of 2017, or 24.1% of
earnings before income taxes, which reflected a net discrete gain
of approximately $24.4 related to certain provisions of the Tax
Act. Excluding this discrete benefit, our tax rate for the fourth
quarter of 2017 would have been 36.2%. The accounting for the
income tax effects of the Tax Act was completed as of December 31,
2018. We continue to believe our ongoing tax rate, absent any
discrete tax items, will be in the 24.5% to 25.0% range.
Our net earnings during the fourth quarter of 2018 were $168.8,
an increase of 10.7% when compared to the fourth quarter of 2017.
Our diluted net earnings per share were $0.59 during the fourth
quarter of 2018 compared to $0.53 during the fourth quarter of
2017, an increase of 11.2%. Both periods were affected by discrete
tax items, as described in the preceding paragraph. Excluding these
items, our diluted net earnings per share would have been $0.60
during the fourth quarter of 2018 compared to $0.45 in the fourth
quarter of 2017, an increase of 34.9%.
Growth Driver Performance
We signed 4,980 industrial vending devices during the fourth
quarter of 2018, an increase of 16.7% compared to the fourth
quarter of 2017, and signed 22,073 industrial vending devices in
2018, an increase of 14.0% compared to 2017. Our installed device
count on December 31, 2018 was 81,137, an increase of 13.6% over
December 31, 2017. Sales through our vending devices continued to
grow at a pace of over 20% in the fourth quarter of 2018 due to the
increase in the installed base, and to a lesser degree, an increase
in revenue per device. These device counts do not include
approximately 15,000 vending devices deployed as part of a lease
locker program. Our goal for vending device signings in 2019 is
23,000 to 25,000 units.
We signed 67 new Onsite locations (defined as dedicated sales
and service provided from within, or in close proximity to, the
customer's facility) during the fourth quarter of 2018 compared to
57 signings in the fourth quarter of 2017, an increase of 17.5%. We
signed 336 new Onsite locations in 2018 compared to 270 signings in
2017, an increase of 24.4%. We had 894 active sites on December 31,
2018, which represented an increase of 47.8% from December 31,
2017. Our goal for Onsite signings in 2019 is 375 to 400.
We signed 32 new national account contracts (defined as new
customer accounts with a multi-site contract) in the fourth quarter
of 2018, and revenues attributable to national account customers
represented 52.4% of our total revenues in the period. Daily sales
to our national account customers grew 18.1% in the fourth quarter
of 2018 over the fourth quarter of 2017.
Balance Sheet and Cash Flow
We produced operating cash flow of $674.2 in 2018, an increase
of 15.2% from 2017, and representing 89.7% of the period's net
earnings versus 101.1% in 2017. The decline in our operating cash
flow as a percentage of net earnings largely reflects working
capital trends as further described below. Operating cash flow as a
percentage of net earnings was 105.5% in the fourth quarter of 2018
versus 84.8% in the fourth quarter of 2017. We invested $166.8 for
property and equipment, net of proceeds from sales, in 2018
compared to $112.5 in 2017 and compared to the $152.0 we
anticipated spending at the end of the third quarter of 2018. The
increase for the year was primarily driven by higher spending to
expand or upgrade our current distribution centers, on property for
future hub development, and on vending equipment, while the
increase from the third quarter of 2018 reflected an opportunistic
purchase of property for future hub development. We expect our net
capital expenditures in 2019 to be within a range of $195.0 to
$225.0, growth from 2018 of between $28.2 and $58.2, and 16.9% and
34.9%. This increase is a result of higher spending for property
and equipment to expand our hub capacity, vending devices, and hub
vehicles, with our investments in hub capacity likely to be the
primary determinant of where we fall within our range.
We returned $544.9 to our shareholders in 2018 (in the form of
dividends of $441.9 and common stock purchases of $103.0), compared
to $451.7 in 2017 (in the form of dividends of $369.1 and common
stock purchases of $82.6).
Total debt on our balance sheet was $500.0 at the end of 2018,
or 17.8% of total capital (the sum of stockholders' equity and
total debt). This compares to $415.0, or 16.5% of total capital, at
the end of 2017.
Accounts receivable were $714.3 at the end of 2018, an increase
of $106.4, or 17.5%, over the end of 2017. This partly reflects
strong sales growth, including relatively stronger growth in our
national accounts and our international businesses, each of which
tend to have longer payment terms than our business as a whole. It
also partly reflects the continued impact of the timing of
customers' payments late in the quarter, a trend that began in the
fourth quarter of 2017 and has intensified throughout the full year
and fourth quarter of 2018. Based on the ratio of past due
receivables as a percentage of the total, there has been no erosion
in the quality of our receivables. Inventories were $1,278.7 at the
end of 2018, an increase of $185.8, or 17.0%, over the end of 2017.
Our internal expectations were to grow inventory at a high single
digit rate in 2018 to support our sales growth deriving both from
healthy business activity and the large increase in the number of
installed vending devices and active Onsite locations. Conditions
in the last six months of 2018, and particularly in the fourth
quarter of 2018, caused us not to achieve this goal. Those
conditions included the impact of inflation and tariffs as well as
an accelerated receipt of certain overseas shipments ahead of an
anticipated increase in tariff rates on Chinese-sourced products.
Accounts payable were $193.6 at the end of 2018, an increase of
$46.0, or 31.2%, from the end of 2017, driven by an increase in
inventory demand due to sales growth.
Additional Information
The table below summarizes our total and FTE (based on 40 hours
per week) employee headcount, our investments in in-market
locations (defined as the sum of the total number of public branch
locations and the total number of active Onsite locations), and
industrial vending devices at the end of the periods presented and
the percentage change compared to the end of the prior periods.
|
|
|
|
|
|
|
|
Q4 2018 |
|
Q4 2017 |
|
% Change |
|
In-market locations -
absolute employee headcount |
14,015 |
|
|
13,424 |
|
|
4.4 |
% |
|
In-market locations -
FTE employee headcount |
12,211 |
|
|
11,549 |
|
|
5.7 |
% |
|
Total absolute employee
headcount |
21,619 |
|
|
20,565 |
|
|
5.1 |
% |
|
Total FTE employee
headcount |
18,678 |
|
|
17,519 |
|
|
6.6 |
% |
|
|
|
|
|
|
|
|
Number of public branch
locations |
2,227 |
|
|
2,383 |
|
|
-6.5 |
% |
|
Number of active Onsite
locations |
894 |
|
|
605 |
|
|
47.8 |
% |
|
Number of in-market
locations |
3,121 |
|
|
2,988 |
|
|
4.5 |
% |
|
Industrial vending
devices (installed device count) (1) |
81,137 |
|
|
71,421 |
|
|
13.6 |
% |
|
Ratio of
industrial vending devices to in-market locations |
26:1 |
|
|
24:1 |
|
|
|
|
(1) This number primarily represents devices which principally
dispense product and produce product revenues, and excludes
approximately 15,000 devices that are part of a locker lease
program where the devices are principally used for the
check-in/check-out of equipment.
During the last twelve months, we increased our absolute
employee headcount by 591 people in our in-market locations and
1,054 people in total. The increase is mostly a function of
additions we have made to support customer growth in the field as
well as investments in our growth drivers.
We opened three branches in the fourth quarter of 2018 and
closed 35 branches. Additionally, two branches were converted from
a public branch to a non-public location. For the full year of
2018, we opened 11 branches and closed 157 branches, with 10
branches being converted from a public branch to a non-public
location. Our in-market network forms the foundation of our
business strategy, and we will continue to open or close locations
as is deemed necessary to sustain and improve our network, support
our growth drivers, and manage our operating expenses.
CONFERENCE CALL TO DISCUSS QUARTERLY
RESULTS
As we previously disclosed, we will host a conference call today
to review the annual and quarterly results, as well as current
operations. This conference call will be broadcast live over
the Internet at 9:00 a.m., central time. To access the
webcast, please go to the Fastenal Company Investor Relations
Website at https://investor.fastenal.com/events.cfm.
ADDITIONAL MONTHLY AND QUARTERLY
INFORMATION
We publish on the 'Investor Relations' page of our website at
www.fastenal.com both our monthly consolidated net sales
information and the presentation for our quarterly conference call
(which includes information, supplemental to that contained in our
earnings announcement, regarding results for the quarter). We
expect to publish the consolidated net sales information for each
month, other than the third month of a quarter, at 6:00 a.m.,
central time, on the fourth business day of the following month. We
expect to publish the consolidated net sales information for the
third month of each quarter and the conference call presentation
for each quarter at 6:00 a.m., central time, on the date our
earnings announcement for such quarter is publicly released.
FORWARD LOOKING STATEMENTS
Certain statements contained in this document do not relate
strictly to historical or current facts. As such, they are
considered 'forward-looking statements' that provide current
expectations or forecasts of future events. These forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
can be identified by the use of terminology such as anticipate,
believe, should, estimate, expect, intend, may, will, plan, goal,
project, hope, trend, target, opportunity, and similar words or
expressions, or by references to typical outcomes. Any statement
that is not a historical fact, including estimates, projections,
future trends, and the outcome of events that have not yet
occurred, is a forward-looking statement. Our forward-looking
statements generally relate to our expectations regarding the
business environment in which we operate, our projections of future
performance, our perceived marketplace opportunities, our
strategies, goals, mission, and vision, and our expectations about
future capital expenditures, and Onsite and industrial vending
signings. You should understand that forward-looking statements
involve a variety of risks and uncertainties, known and unknown,
and may be affected by inaccurate assumptions. Consequently, no
forward-looking statement can be guaranteed and actual results may
vary materially. Factors that could cause our actual results to
differ from those discussed in the forward-looking statements
include, but are not limited to, those detailed in our most recent
annual and quarterly reports. Each forward-looking statement speaks
only as of the date on which such statement is made, and we
undertake no obligation to update any such statement to reflect
events or circumstances arising after such date. FAST-E
FASTENAL COMPANY AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(Amounts in millions except share information) |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
December 31, 2017 |
Assets |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
167.2 |
|
|
116.9 |
|
Trade
accounts receivable, net of allowance for doubtful accounts of
$12.8 and $11.9, respectively |
|
714.3 |
|
|
607.8 |
|
Inventories |
|
1,278.7 |
|
|
1,092.9 |
|
Prepaid
income taxes |
|
9.0 |
|
|
— |
|
Other current assets |
|
147.0 |
|
|
118.1 |
|
Total
current assets |
|
2,316.2 |
|
|
1,935.7 |
|
|
|
|
|
|
Property and equipment,
net |
|
924.8 |
|
|
893.6 |
|
Other
assets |
|
80.5 |
|
|
81.2 |
|
|
|
|
|
|
Total assets |
|
$ |
3,321.5 |
|
|
2,910.5 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Current
portion of debt |
|
$ |
3.0 |
|
|
3.0 |
|
Accounts
payable |
|
193.6 |
|
|
147.5 |
|
Accrued
expenses |
|
240.8 |
|
|
194.0 |
|
Income
taxes payable |
|
— |
|
|
6.5 |
|
Total current liabilities |
|
437.4 |
|
|
351.0 |
|
|
|
|
|
|
Long-term debt |
|
497.0 |
|
|
412.0 |
|
Deferred
income taxes |
|
84.4 |
|
|
50.6 |
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
Preferred
stock: $0.01 par value, 5,000,000 shares authorized, no shares
issued or outstanding |
|
— |
|
|
— |
|
Common
stock: $0.01 par value, 400,000,000 shares authorized, 285,901,919
and 287,591,536 shares issued and outstanding, respectively |
|
2.9 |
|
|
2.9 |
|
Additional paid-in capital |
|
3.0 |
|
|
8.5 |
|
Retained
earnings |
|
2,341.6 |
|
|
2,110.6 |
|
Accumulated other comprehensive loss |
|
(44.8 |
) |
|
(25.1 |
) |
Total stockholders' equity |
|
2,302.7 |
|
|
2,096.9 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
3,321.5 |
|
|
2,910.5 |
|
FASTENAL COMPANY AND
SUBSIDIARIES |
Condensed Consolidated Statements of Earnings |
(Amounts in millions except earnings per share) |
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
Three Months Ended December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
Net sales |
$ |
4,965.1 |
|
|
4,390.5 |
|
|
$ |
1,231.6 |
|
|
1,088.5 |
|
|
|
|
|
|
|
|
|
Cost of
sales |
2,566.2 |
|
|
2,226.9 |
|
|
643.8 |
|
|
557.3 |
|
Gross
profit |
2,398.9 |
|
|
2,163.6 |
|
|
587.8 |
|
|
531.2 |
|
|
|
|
|
|
|
|
|
Operating and
administrative expenses |
1,400.2 |
|
|
1,282.8 |
|
|
354.4 |
|
|
327.8 |
|
(Gain)
loss on sale of property and equipment |
(0.5 |
) |
|
(1.0 |
) |
|
0.0 |
|
|
0.1 |
|
Operating
income |
999.2 |
|
|
881.8 |
|
|
233.4 |
|
|
203.3 |
|
|
|
|
|
|
|
|
|
Interest income |
0.4 |
|
|
0.4 |
|
|
0.1 |
|
|
0.1 |
|
Interest
expense |
(12.6 |
) |
|
(9.1 |
) |
|
(3.7 |
) |
|
(2.6 |
) |
|
|
|
|
|
|
|
|
Earnings
before income taxes |
987.0 |
|
|
873.1 |
|
|
229.8 |
|
|
200.8 |
|
|
|
|
|
|
|
|
|
Income
tax expense |
235.1 |
|
|
294.5 |
|
|
61.0 |
|
|
48.4 |
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
751.9 |
|
|
578.6 |
|
|
$ |
168.8 |
|
|
152.4 |
|
|
|
|
|
|
|
|
|
Basic net
earnings per share |
$ |
2.62 |
|
|
2.01 |
|
|
$ |
0.59 |
|
|
0.53 |
|
|
|
|
|
|
|
|
|
Diluted
net earnings per share |
$ |
2.62 |
|
|
2.01 |
|
|
$ |
0.59 |
|
|
0.53 |
|
|
|
|
|
|
|
|
|
Basic
weighted average shares outstanding |
287.0 |
|
|
288.2 |
|
|
286.1 |
|
|
287.5 |
|
|
|
|
|
|
|
|
|
Diluted
weighted average shares outstanding |
287.2 |
|
|
288.3 |
|
|
286.3 |
|
|
287.6 |
|
FASTENAL COMPANY AND SUBSIDIARIES |
Condensed Consolidated Statements of Cash Flows |
(Amounts in millions) |
|
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
|
(Unaudited) |
|
|
Cash flows from
operating activities: |
|
|
|
|
Net
earnings |
|
$ |
751.9 |
|
|
578.6 |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities, net of acquisitions: |
|
|
|
|
Depreciation of property and equipment |
|
134.1 |
|
|
123.6 |
|
Gain on
sale of property and equipment |
|
(0.5 |
) |
|
(1.0 |
) |
Bad debt
expense |
|
8.1 |
|
|
8.2 |
|
Deferred
income taxes |
|
33.8 |
|
|
(30.0 |
) |
Stock-based compensation |
|
5.1 |
|
|
5.2 |
|
Amortization of intangible assets |
|
4.1 |
|
|
3.8 |
|
Changes
in operating assets and liabilities, net of acquisitions: |
|
|
|
|
Trade
accounts receivable |
|
(120.3 |
) |
|
(103.7 |
) |
Inventories |
|
(193.3 |
) |
|
(76.3 |
) |
Other
current assets |
|
(28.9 |
) |
|
(15.6 |
) |
Accounts
payable |
|
46.1 |
|
|
36.3 |
|
Accrued
expenses |
|
46.8 |
|
|
37.6 |
|
Income
taxes |
|
(15.5 |
) |
|
19.4 |
|
Other |
|
2.7 |
|
|
(0.9 |
) |
Net cash provided by operating activities |
|
674.2 |
|
|
585.2 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Purchases
of property and equipment |
|
(176.3 |
) |
|
(119.9 |
) |
Proceeds
from sale of property and equipment |
|
9.5 |
|
|
7.4 |
|
Cash paid
for acquisitions |
|
(3.7 |
) |
|
(58.7 |
) |
Other |
|
(3.4 |
) |
|
(8.1 |
) |
Net cash used in investing activities |
|
(173.9 |
) |
|
(179.3 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds
from debt obligations |
|
980.0 |
|
|
1,015.0 |
|
Payments
against debt obligations |
|
(895.0 |
) |
|
(980.0 |
) |
Proceeds
from exercise of stock options |
|
13.4 |
|
|
9.5 |
|
Purchases
of common stock |
|
(103.0 |
) |
|
(82.6 |
) |
Payments
of dividends |
|
(441.9 |
) |
|
(369.1 |
) |
Net cash used in financing activities |
|
(446.5 |
) |
|
(407.2 |
) |
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(3.5 |
) |
|
5.5 |
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
|
50.3 |
|
|
4.2 |
|
|
|
|
|
|
Cash and
cash equivalents at beginning of year |
|
116.9 |
|
|
112.7 |
|
Cash and
cash equivalents at end of year |
|
$ |
167.2 |
|
|
116.9 |
|
|
|
|
|
|
Supplemental disclosure
of cash flow information: |
|
|
|
|
Cash paid
for interest |
|
$ |
12.6 |
|
|
8.7 |
|
Net cash paid for income taxes |
|
$ |
215.3 |
|
|
304.1 |
|
CONTACT: |
Ellen Stolts |
|
Financial Reporting
& Regulatory Compliance Manager |
|
507-313-7282 |
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