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Fastenal Company Reports 2012 First Quarter Earnings - 4/12/2012 6:23:14 AM   
michaelisin4u

 

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Joined: 5/31/2008
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April 12, 2012

Fastenal Company Reports 2012 First Quarter Earnings

WINONA, Minn., April 12, 2012 (GLOBE NEWSWIRE) -- The Fastenal Company of Winona, MN (Nasdaq:FAST) reported the results of the quarter ended March 31, 2012. Except for per share information, or as otherwise noted below, dollar amounts are stated in thousands. Share and per share information in this document has been adjusted to give effect to the two-for-one split of our common stock in May 2011.

Net sales, pre-tax earnings, net earnings, and net earnings per share were as follows for the three month periods ended March 31:


Three-month period

2012

2011

Change


Net sales

$768,875

640,583

20.0%


Pre-tax earnings

$161,129

128,811

25.1%


% of sales

21.0%

20.1%


Net earnings

$100,194

79,547

26.0%


Net earnings per share (basic)

$0.34

0.27

25.9%


On March 31, 2012, we had 2,611 stores. During the first three months of 2012, we opened 28 new stores, an increase of 1.1% since December 31, 2011 (we opened 37 new stores in the same period of 2011). On March 31, 2012, we had 15,483 employees, an increase of 2.1% since December 31, 2011.

Similar to previous quarters, we have included comments regarding several aspects of our business:
1.Monthly sales changes, sequential trends, and end market performance — a recap of our recent sales trends and some insight into the activities with different end markets.
2.Growth drivers of our business — a recap of how we grow our business.
3.Profit drivers of our business — a recap of how we increase our profits.
4.Statement of earnings information — a recap of the components of our income statement.
5.Operational working capital, balance sheet, and cash flow — a recap of the operational working capital utilized in our business, and the related cash flow.

While reading these items, it is helpful to appreciate several aspects of our marketplace: (1) it's big, the North American marketplace for industrial supplies is estimated to be in excess of $160 billion per year (and we have expanded beyond North America), (2) no company has a significant portion of this market, (3) many of the products we sell are individually inexpensive, (4) when our customer needs something quickly or unexpectedly our local store is a quick source, and (5) the cost to manage and procure these products can be significant.

Our motto is Growth through Customer Service. This is important given the points noted above. We believe in efficient markets — to us, this means we can grow our market share if we provide the greatest value to the customer. We believe our ability to grow is amplified if we can service our customer at the closest economic point of contact.

The concept of growth is simple, find more customers every day and increase your activity with them. However, execution is hard work. First, we recruit service minded individuals to support our customers and their business. Second, we operate in a decentralized fashion to help identify the greatest value for our customers. Third, we build a great machine behind the store to operate efficiently and to help identify new business solutions. Fourth, we do these things every day. Finally, we strive to generate strong profits; these profits produce the cash flow necessary to fund the growth and to support the needs of our customers.

MONTHLY SALES CHANGES, SEQUENTIAL TRENDS, AND END MARKET PERFORMANCE

Note — Daily sales are defined as the sales for the period divided by the number of business days in the period.

This section focuses on three distinct views of our business — monthly sales changes, sequential trends, and end market performance. The first discussion regarding monthly sales changes provides a good mechanical view of our business based on the age of our stores. The second discussion provides a framework for understanding the sequential trends (that is, comparing a period to the immediately preceding period) in our business. Finally, we believe the third discussion regarding end market performance provides insight into activities with our various types of customers.

MONTHLY SALES CHANGES:

All company sales — During the months in 2012, 2011, and 2010, all of our selling locations, when combined, had daily sales growth rates of (compared to the comparable month in the preceding year):

http://investor.fastenal.com/releasedetail.cfm?ReleaseID=663540


Apr 12, 2012
2012 Q1 Supplemental Information

http://files.shareholder.com/downloads/FAST/1787776087x0x559217/2f2c64b0-d2bb-4dcb-9af0-78ad578913ba/2012_q1suppl.pdf




http://investor.fastenal.com/index.cfm




http://www.fastenal.com/web/home.ex

Post #: 1
RE: Fastenal Company Reports 2012 First Quarter Earnings - 4/12/2012 6:26:01 AM   
michaelisin4u

 

Posts: 10036
Joined: 5/31/2008
Status: offline
FAST Chart

http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=fast&time=6&startdate=1%2F4%2F1999&enddate=1%2F8%2F2012&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=&ma=4&maval=9+15+50&uf=7168&lf=1&lf2=4&lf3=2&type=4&style=320&size=3&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=0&y=0



analyst estimates

http://www.marketwatch.com/investing/stock/fast/analystestimates



(in reply to michaelisin4u)
Post #: 2
RE: Fastenal Company Reports 2012 First Quarter Earnings - 4/12/2012 8:10:13 AM   
michaelisin4u

 

Posts: 10036
Joined: 5/31/2008
Status: offline

Fastenal Q1 Profit Rises 26%, But Misses View



(RTTNews.com) - Industrial and construction supplies provider Fastenal Co. (FAST) reported Thursday a 26 percent rise in first-quarter profit, reflecting a 20 percent growth in net sales. However, the bottom line number missed analysts' estimate as currency fluctuations lowered its daily sales growth rate during the quarter.

The company expects to open new stores at a rate of about 4 to 6 percent in 2012. Providing a background, Fastenal said in the first ten years of being public, between 1987 and 1997, it opened stores at a rate approaching 30 percent per year and subsequently opened stores at a rate closer to 10 to 15 percent, and, over the last five years, at a rate of nearly 3 to 8 percent.

In the first quarter, the company's net earnings increased to $100.19 million or $0.34 per share from $79.55 million or $0.27 per share in the previous year. On average, nine analysts polled by Thomson Reuters expected earnings of $0.35 per share. Such estimates typically exclude special items.

The company noted that per-share information has been adjusted to give effect to the two-for-one split of common stock in May 2011.

Net sales for the quarter grew 20 percent to $768.88 million from $640.58 million in the same quarter last year and came in line with analysts' estimate. Fastenal noted that change in currencies in foreign countries (primarily Canada) relative to the US dollar lowered its daily sales growth rate by 0.3 percent during the quarter.

The company said it experienced more pronounced growth in its industrial production business, but growth was less pronounced in the maintenance portion of its manufacturing business.

During the quarter, the company opened 28 new stores, an increase of 1.1 percent since December 31, 2011. But, the number was down compared to the 37 new stores opened in the same period of 2011. As at March 31, 2012, the company had 2,611 stores.

FAST closed Wednesday's regular trading at $49.63 on the Nasdaq. In the pre-market activity, the shares are down 2.58 percent.

http://www.nasdaq.com/article/fastenal-q1-profit-rises-26-but-misses-view-20120412-00682

(in reply to michaelisin4u)
Post #: 3
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