Fastenal posts sales gains
Industrial supply company points to increases in vending and onsite locations.
Winona, Minn.-based Fastenal Company reported third-quarter sales of $1.28 billion, up 13.0% from sales of $1.13 billion in the prior-year quarter.
Net earnings increased to $197.6 million, up from $143.1 million in the same quarter last year.
The company’s sales gains were caused by higher unit sales related primarily to continued strength in underlying market demand and contributions from industrial vending and onsite locations.
A smaller contribution to sales growth came from higher product pricing as a result of increases instituted at the end of the fourth quarter of 2017 and during July and August of 2018 to mitigate inflation in the marketplace.
The company’s installed device count on September 30, 2018 was 78,706, an increase of 14.0% over a year ago. The company also signed 88 new Onsite locations, which aree defined as dedicated sales and service provided from within, or in close proximity to, the customer’s facility.
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