10/13/2014 1:05:00 AM
NEWS BRIEFS
Fastenal Fastener Sales Near Double-Digit Growth
Fastenal Co. reported third-quarter sales grew 14.3% to $980.8 million, primarily from higher unit sales. Fastener sales, which accounted for roughly 40% of Q3 revenue, grew 9.9% in the period, nearly doubling its 5.5% rate of growth in the previous quarter.
“Net sales were impacted by slight inflationary price changes in our non-fastener products and some price deflation in our fastener products, but the net impact was a drag on growth,” the company stated.
Q3 gross profit increased 12.5% to $498.7 million, while operating income rose 12.9% to $212.9 million and net earnings gained 11.7% to $133.3 million.
During Q3 Fastenal’s workforce topped 18,425 employees – a 6.6% increase since the beginning of the year, while its number of stores declined 1.5% to 2,647.
The company’s industrial vending program, FAST Solutions, has grown 11.8% so far in 2014, bringing the company’s total installed machine count to 45,596.
Fastenal sales during the first nine months of 2014 rose 11.7% to $2.81 billion, with operating income increasing 7.8% to $598.6 million and net earnings up 7.5% to $375.8 million.
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