5/16/2011 5:49:00 PM
HEADLINES
FASTENAL

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Fastenal reported sales climbed 23% to $650.58 million during the first quarter of 2011, boosted by growth in its industrial products business, which includes Holo Krome.

Pre-tax earnings soared 42% to $128.8 million, with net earnings gaining 42% to $79.5 million.
 

“The decrease in gross profit percentage, from the second quarter of 2010 to the third and fourth quarters of 2010 and the first quarter of 2011, was primarily caused by the strong growth of our industrial production business, which resulted in a change in our overall business mix,” the company stated.

“The industrial production business has a lower gross margin; therefore, the change in mix pulled our gross margin down.”
 

During Q1 Fastenal opened 37 new stores — an increase of 1.5% since December 31, 2010. There were 13,920 total employees as of March 31, 2011, an increase of 4.8% from the 13,285 total employees at the end of last year.
 

In 2011 Fastenal intends to open 150 to 200 new stores — an annualized rate of 6% to 8%.
 

Fastenal sales reached $2.27 billion in 2010, while net earnings jumped 44% to $265.4 million. The Winona, MN-based supplier opened 127 new stores during the year, and boosted its workforce by 10.3% to 13,285 employees.
 

Fastenal acquired Holo-Krome from Danaher in 2009. Fastenal executive VP Cory Jansen oversees the Holo-Krome business, which added one facility and about 90 employees to Fastenal’s operations.

Founded in 1929, West Hartford, CT-based Holo-Krome manufactures grade 12.9 socket screw products.
 

Winona, MN-based Fastenal operates stores in all 50 states, as well as Canada, Puerto Rico, Mexico, Singapore, the Netherlands, Hungary, Malaysia, and China. 
 

Fastenal serves its more than 200,000 active customers from 14 distribution centers located in Minnesota, Indiana, Ohio, Pennsylvania, Texas, Georgia, Washington, California, Utah, North Carolina, Kansas and Ontario, Canada. 
 

Fastenal sells 410,000 different threaded fasteners, 136,000 tools, 251,000 metal-cutting tool blades, 64,000 types of fluid transfer components, 18,000 types of material-handling and storage products, 16,000 kinds of janitorial and paper products, 25,000 kinds of electrical supplies, 34,000 welding supplies, 30,000 safety supplies, and 12,000 types of raw materials. 
 

Corporate Office: 2001 Theurer Blvd., Winona, MN 55987. 
Tel: 507 454-5374 Web: fastenal.com

CEO: Will Oberton

Employees: 13,285