4/25/2012 1:09:00 PM
HEADLINES
Fastenal Reports Vending Machine Success, Hiring Slows
Fastenal Co. reported sales during soared 20% to $768.8 million during the first quarter of 2012. Sales growth to its OEM customers outstripped MRO demand, rising 20.3% during the period.
Pre-tax earnings increased 25.1% to $161.1 million, while net earnings grew 26% to $100.2 million.
During Q1 Fastenal opened 28 new stores — with the new store rate dropping 24% from the 37 stores the company opened in the first quarter of 2011.
Fastenal increased its workforce by 2.1% in the quarter to 15,483 employees, down from the 14.2% rate of job increased during 2011.
The company’s vending machine program, called FAST Solutions, produced strong results. The number of installed machines climbed 31% to 9,798 in Q1, while the percentage of total net sales to customers with vending machines more than doubled to 17.8%. ©2012 GlobalFastenerNews.com
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