Fastenal sales up by 20%
Fastenal reported net sales of $768.8 million for the first quarter, a 20% increase from $640.5 million in the same period last year.
The Winona, Minn.-based distributor said its net earnings of $100.1 million were up 26% from the $79.5 million last year. During the first three months of 2012, the company opened 28 new stores, an increase of 1.1% since the end of 2011, and had 15,483 employees, an increase of 2.1%.
During the first quarter, sales to manufacturing customers, which represents about half of Fastenal's total sales, rose by 20.3%. The growth was more pronounced in industrial production business (products that become part of the finished goods produced by customers) and less pronounced in the maintenance products. Sales to non-residential construction customers, which typically represent 20% to 25% of Fastenal's sales, rose by 17.1% during the period.
The company said its FAST Solutions industrial vending machines program grew substantially during the quarter. "We are pleased with the increases in the number of vending machine contracts signed, and with our ability to install machines. We increased our installed machine base by 2,345 machines (9,798 versus 7,453) in the first quarter of 2012, by 734 machines (2,659 versus 1,925) in the first quarter of 2011, and by 325 machines (892 versus 567) in the first quarter of 2010," according to a company statement.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
