Fastenal sales climb 7.9 percent
Fastenal Company said net sales of $1.4 billion increased 7.9 percent in the second quarter of 2019 compared to the second quarter of 2018.
"This increase was driven by higher unit sales related primarily to our growth drivers, most notably contribution from industrial vending, Onsite locations, and construction, as well as higher underlying market demand compared to the second quarter of 2018. While general economic activity remained positive, we did see slowing in the second quarter of 2019 relative to activity levels experienced in the first quarter of 2019," according to a company statement announcing the results.
Sales of fastener products grew 5.5 percent on a daily basis over the second quarter of 2018 and represented 34.5 percent of sales in the second quarter of 2019. Sales of non-fastener products grew 9.5 percent on a daily basis over the second quarter of 2018 and represented 65.5 percent of sales in the second quarter of 2019.
Net earnings of $204.6 million decreased 3.1 percent compared to $211.2 million in the second quarter of 2018. Diluted net earnings per share were 36 cents, compared to 37 cents during the second quarter of 2018, a decrease of 3.2 percent.
Fastenal signed 11,042 industrial vending devices during the first six months of 2019 and 5,439 devices during the second quarter of 2019. The installed device count on June 30, 2019 was 85,871, an increase of 12.9 percent over June 30, 2018.
The Winona, Minnesota-based distributor signed 199 new Onsite locations (defined as dedicated sales and service provided from within, or in close proximity to, the customer's facility) during the first six months of 2019 and 94 new Onsite locations during the second quarter of 2019. Fastenal had 1,026 active sites on June 30, 2019, which represented an increase of 34.8 percent from June 30, 2018 .
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