5/17/2010
HEADLINES
Stock Report: FASTENAL
Investors have flocked to Fastenal in recent months, encouraged by the company’s growth. Fastenal reported first quarter sales rose 6.4% to $520.8 million, boosted by a 15.7% jump in sales to OEMs and increased revenue from its Holo-Krome business, acquired from Danaher at the end of 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.
During 2009 Fastenal’s earning fell 34% to $184.4 million amid a 17.5% sales decline to $1.93 billion. Company shares rose 19.5% during an otherwise challenging year that saw the company shed 1,500 workers – about 11% of its workforce – and reduce store openings by more than half the number of locations opened in 2008.
Fastenal opened 69 new stores during 2009, down 57% from the 161 stores it added in 2008. The company also closed 10 locations and “converted one location to a customer only type,” bringing its store total to 2,369.
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 Fax 507 453-8049
Web: fastenal
CEO: Will Oberton, 50
Investor Relations: Dan Florness
Employees: 11,962
©2010 GlobalFastenerNews.com
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