4/11/2014 2:45:00 PM
NEWS BRIEFS
Fastenal Co. Reports Modest Fastener Sales Growth
Fastenal’s fastener growth chart
Fastenal Co. reported fastener sales grew 1.6% in the opening quarter of 2014, driven by 5.3% fastener sales growth in March. The company noted some price deflation in its fastener line during the period.
Overall Fastenal sales in Q1 increased 8.7% to $876.5 million, primarily through higher unit sales. First-quarter net earnings up 2.6% to $111.9 million and earnings per share gaining 2.7% to $0.38.
“In 2014, our sales growth was hampered in January and February due to a weak economy and foreign exchange rate fluctuations (primarily related to the Canadian dollar); however, the biggest impact was a severe winter in North America and its negative impact on our customers and our trucking network,” the company stated. “In March 2014, the weak economy and negative foreign exchange rate fluctuations continued; however, the weather normalized and our daily sales growth expanded to 11.6%.”
During Q1 Fastenal had a net closure of four stores, bringing its overall store count to 2,683. Employee count increased 3% to 17,788 during the quarter.
The company’s industrial vending machine program, called FAST Solutions, recorded a 3.4% increase in the number of installed machines to 42,153 at the end of March. ©2014 GlobalFastenerNews.com
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