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Onsite, Vending Power Accelerated Growth For Fastenal In Q3

Fastenal reported its 2017 third quarter fiscal results on Wednesday, which showed continued strong growth across the board.

The company posted Q3 total sales of $1.13 billion, up 11.8 percent year-over-year (YoY), with daily sales up by 13.6 percent. Omitting the 1.3 percentage point sales increase from the company's March 31 acquisition of Manufacturers Supply Company (Mansco), Fastenal's Q3 organic sales increased 12.3 percent YoY. Q3 total profit of $143.1 million increased 12.7 percent YoY, gross profit increased 11.2 percent and operating profit increased 12.6 percent.

Fastenal's Q2 total and daily sales increased 10.6 percent year-over-year.

"The third quarter of 2017 ended with September daily sales growing 15.3 percent — we have not seen daily sales growth above 15 percent for almost three years (December 2014 - 17.4 percent)," said Fastenal president and CEO Dan Florness. "We are pleased with the trust our customers place in Fastenal, and I am proud of the success realized by each member of the 'Blue Team'. Our growth drivers, combined with a solid economy, are resulting in great growth."

In Q3, fastener products represented 35.6 percent of total sales — down from 36.1 percent in Q2. Daily sales of fastener products grew 12.1 percent YoY in Q3, in which 3.8 percentage points were attributed to the Mansco acquisition. Non-fastener products — representing 64.4 percent of total Q3 sales — grew 14.6 percent on a daily basis.

Fastenal's employee-related expenses increased 12.3 percent in Q3 YoY, reflecting higher bonuses and commissions from increased sales, a modest increase in full-time headcount, increased healthcare costs and the inclusion of Mansco personnel.

Source: Industrial Distribution

2017/10/17 12:13:00

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