Fastenal outlined growth goals in recent presentation.
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Latest In Fastenal
SEC filing:Government audit alleges Fastenal overcharged in a GSA contract ended in 2005.
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Year to date, Fastenal’s sales have increased 13.2 percent.
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Daily sales to manufacturing customers grew 15.7% during the quarter.
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Actuant and other industrial companies see hope for growth by end of 2010.
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This is the MDM Public Distributor Report, provided on a quarterly basis to subscribers of Modern Distribution Management. This report includes an overview of public distributor earnings calls, Airgas and Air Products acquisition talk, and financial metrics for publicly traded distribution companies.
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For 2009, Fastenal’s sales fell 17.5%.
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The most popular MDM news stories; Wolseley and Stock Building Supply dominate this year’s list.
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Acquisition of the manufacturer of socket head screw products will expand Fastenal’s product offerings.
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Fastenal says margin was one of biggest challenges.
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Year-to-date, the industrial and construction supplies distributor’s sales were down 19%.
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Distributors speak at Morgan Keegan Industrial/Transportation Conference about the impact the economy has had on business.
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The Fastenal Company, Winona, MN, reported second quarter sales of $474.9 million, down 21.4% from sales in second quarter 2008. Profit decreased 42.8% to $43.5 million from second quarter 2008.
For the six months ended June 30, 2009, sales were $964.2 million, down 17.6% from the same period a year ago. Profit declined 36.1% to $92.2 million.
In the first six months, Fastenal opened 42 new stores (compared with 112 new stores in the prior-year period).
Since Dec. 31, 2008, Fastenal has decreased its work force by 1,164, or 8.5%.
The industrial production and non-residential construction businesses were the hardest hit segments. The manufacturing segment – historically 45% to 50% – contracted approximately 28% in the second quarter versus the prior year, primarily in the …
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The Fastenal Company, Winona, MN, reported sales for the first quarter ended March 31, 2009, were $489.3 million, a decline of 13.6% from sales of $566.2 million in the first quarter 2008. Profits fell to $48.6 million, a decrease of 28.5%.
In the first quarter 2009, Fastenal opened 33 new stores (compared with 53 new stores in the prior-year period).
In stores opened greater than five years, sales fell 21.5% in March from March 2008. Sales fell 14.3% in February, and 12.4% in January.
Since Dec. 31, 2008, Fastenal has decreased its work force by 6.6%. According to the release, Fastenal "remains practical optimists and we always try to balance long-term opportunities for growth with the necessary short-term reactions to our current …
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Fastenal Company, Winona, MN, reported sales for the year ended Dec. 31, 2008, were $2.34 billion, an increase of 13.5 percent from the prior year. Profit was up to $279.7 million, an increase of 20.2 percent.
While its annual numbers were strong, the distributor said in its earnings call that the fourth quarter slowed significantly.
In October, sales growth was at 11.9 percent; November was at 6.8 percent, and December saw no sales growth. CEO Willard Oberton said that December was the first time in Fastenal’s 42-year history that the distributor saw no growth year-over-year.
Looking forward into 2009, things are very slow, Oberton said. “It’s difficult out there. Right now, looking at our January sales numbers, we …
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Fastenal Company, Winona, MN, reported sales for the year ended Dec. 31, 2008, were $2.34 billion, an increase of 13.5% from the prior year. Profit was up to $279.7 million, an increase of 20.2%.
In 2008, Fastenal opened 161 new stores, an increase of 7.5%.
Although the distributor had overall growth, its same-store sales saw a slowdown in the last three months of the year.
In the fourth quarter, Fastenal reported sales of $544.9 million, up 5% over the prior-year period. Profit increased 11.3% to $62.5 million.
More details on Fastenal’s year-end results in the Fastenal report <a href=http://files.shareholder.com/downloads/fast/517194768x0x264922/1154e166-79f3-4bc7-afba-441192cfa5ea/FAST_News_2009_1_20_Earnings.pdf" ...
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The Fastenal Company, Winona, MN, reported sales for the quarter ended Sept. 30, 2008, were $625 million, an increase of 17.1% over the third quarter 2007.
Profit increased to $72.9 million in the third quarter, an increase of 17.3%.
The third quarter of 2008 included a $10 million legal settlement.
Sales for the nine months ended Sept. 30, 2008, were $1.79 billion, an increase of 16.4% over the same period in 2007. Profit increased 23.1% to $217.1 million.
During the first nine months of 2008, Fastenal opened 140 new stores, representing an increase of 6.5% since Dec. 31, 2007. There were 13,417 total employees as of Sept. 30, 2008, an increase of 11.7% from Dec. 31, 2007 and 12.7% from Sept. 30, 2007.
The full release on …
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Industrial and construction supplies distributor Fastenal Company, Winona, MN, has agreed to settle a class action wage-hour lawsuit that claims Fastenal misclassified Fastenal employees as assistant managers and as a result those employees were denied overtime as required under the Fair Labor Standards Act and several state statutes.
Two former employees originally filed the suit against Fastenal on Oct. 18, 2007. Fastenal has agreed to pay $10 million in cash to cover claims by eligible class members, plaintiff attorneys’ fees and costs and payments to named plaintiffs. The settlement is still subject to court approval.
The distributor denies the allegations in the lawsuit, but says it has agreed to enter the settlement to avoid significant legal fees, the …
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The Fastenal Company, Winona, MN, reported sales for second quarter ended June 30, 2008, were $604.2 million, up 16.3% over the prior-year period. Profit was up 26.4%.
Sales for the first six months, were $1.17 billion, an increase of 16% from the first six months of 2007.Profit was up 26.2%.
During the first six months, Fastenal opened 112 new stores, an increase of 5.2% since Dec. 31, 2007.
More details here. …
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The Fastenal Company, Winona, MN, reported sales in the three-month period ended March 31, 2008, was $566.2 million, an increase of 15.8% over the first quarter last year. Profit was up 26%.
During the first quarter, Fastenal opend 53 new stores (compared with 73 in the same period a year ago). The 53 stores represent an increase of 2.5% since Dec. 31, 2007. …
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