4/14/2010
NEWS BRIEFS
OEM Orders Boost Fastenal Sales

The Fastenal Co. reported first quarter sales rose 6.4% to $520.8 million, boosted by a 15.7% jump in sales to OEMs. Q1 net earnings gained 15.1% to $56.03 million.

Several factors helped Q1 sales growth, including the strengthening Canadian dollar, which added approximately 0.9 percentage points to daily sales growth, while increased business at Holo-Krome, acquired in December 2009, added approximately 0.6 percentage points to daily sales growth.

Fastenal opened 29 new stores in Q1, down from the 33 stores it opened in the first quarter of 2009. The company had 11,962 employees as of March 31, 2010, down .07% from the 12,045 employees it claimed on December 31, 2009.

The company’s Q1 health care costs grew 21.5% due to the increase in the percentage of employees opting for expanded coverage as their spouses have lost their insurance coverage at other employers due to the current economic environment, as well as increases in COBRA costs and an increase in health care utilization. ©2010 GlobalFastenerNews.com

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Related Links:

• Fastenal