Fastenal disappointed by growth
Industrial products supplier Fastenal reported fourth-quarter net sales of $813.8 million, up 7.5% from $757.2 million in the same quarter last year. But the company didn’t grow as fast as it anticipated.
The Winona, Minn.-based company reported net earnings of $99.2 million, up 0.5% from the previous year’s quarter.
The results — including flat net earnings per share — disappointed Wall Street. Shares of FAST were down sharply early Wednesday. Executives pointed to weaker than expected sales and gross margin trends. "This weakening was worse than we expected and this created additional drain on our ability to grow earnings," the company said in its earnings release.
For the full year, net sales increased 6.1% to $3.33 billion. Net earnings for the 12-month period increased 6.7% to $448.6 million.
At the end of the year, Fastenal operated 2,687 store locations.
Masonite appoints Jody Bilney to its board of directors
Masonite International Corporation has appointed Jody L. Bilney to its board of directors, effective immediately. She will also join the board’s Corporate Governance and Nominating Committee, replacing Peter Dachowski, who will continue serving on the Human Resources and Compensation Committee.
"I am honored to join the Masonite Board and look forward to working with this exceptional group,” Bilney said. “As a leader of the door industry, Masonite has many interesting growth opportunities. I look forward to sharing my experiences and contributing to the future direction of the company.”
Bilney currently serves as SVP and chief consumer officer of Humana Inc., where she has worked since April of last year, and will comprise the board’s ninth member. Prior to Humana, she served in various senior executive marketing roles with Bloomin’ Brands Inc. since 2006, most recently as EVP and chief brand officer.
“Jody brings a wealth of marketing and brand experience from her involvement with highly successful companies such as Humana Inc. and Bloomin’ Brands Inc. She is a welcome addition to our Board,” said chairman Robert J. Byrne.
Bilney has also held senior marketing roles with Openwave Systems, Inc., Charles Schwab & Co., Inc., and Verizon Communications, Inc.
Black & Decker rebrands itself for 2014
Black & Decker has launched a new global brand identity for its consumer power tools, outdoor power equipment and home products, which will be phased into retail and marketing efforts over the course of the year.
“Over the years, Black & Decker has consistently provided consumers with innovative, affordable, and quality products," said director of brand marketing Frank DeSantis. "As a result of this, the brand is deeply entrenched in and around the home. The Black & Decker brand extends beyond product features and product innovation, it is about being honest, intuitive, involved and thoughtful. Everything we do will be focused on giving people the products, the knowhow and the support to get their job done.”
According to the company, the new branding reinforces the Black & Decker’s reputation as a trusted brand that provides "a meaningful, emotional and empowering experience for the home;" in short, "Powering People."
Black & Decker worked closely with brand strategy and design consultancy Lippincott to help build a new identity revolving around this core message.