Fastenal Q1 sales rise

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Fastenal Q1 sales rise

By HBSDealer Staff - 04/14/2020
Fastenal reported first quarter sales increased 4.4% to $1.367 billion from first quarter 2019 sales of 1.309 billion.

Winona, Mich.-based construction and building materials supplier said, adjusting for the one additional selling day in the current period, daily sales increased 2.8% in the first.

Compared to the first quarter of 2019, the increase was driven by higher unit sales, including industrial vending and Onsite locations, along with increases in certain products later in the quarter related to the coronavirus pandemic.

Approximately 50% of Fastenal’s business relates to fastener and safety products. Together, the two product lines grew 4.3% on a daily basis.



Individually, sales of fastener products declined 2.6% on a daily basis over the first quarter of 2019, representing 32.9% of sales in the first quarter of 2020.

Sales of safety products grew 18.4% on a daily basis over the first quarter of 2019, representing 19.8% of sales in the first quarter of 2020.

Net earnings for the first quarter were $202.6 million, an increase of 4.4% when compared to the first quarter of 2019 net earnings of $194.1 million.

Fastenal signed 4,798 industrial vending devices during the first quarter of 2020. The company’s installed device count on March 31 was 92,124, an increase of 10.4% over March 31, 2019.

The company also signed 85 new onsite locations (defined as dedicated sales and service provided from within, or in close proximity to, the customer's facility) during the first quarter of 2020. Fastenal had 1,179 active sites as of March 31, 2020, which represented an increase of 24.8% from March 31, 2019.

During the quarter, Fastenal opened three branches and closed 26 branches. Combined public and on-site branches stood at 3,270 at the end of the quarter compared to 3,228 at the end of the first quarter a year ago.

Fastenal recently acquired the assets of its vending machine development partner, Apex Industrial Technologies.

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The Bottom Line: A surge in safety product sales help lift both sales and profits by 4.4%.

Company info: The full first quarter 2020 financial report from Fastenal is available here.

 

 

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