Fastenal Q1 profits rise 15%

Fastenal Company reports Q1 net income rises 15% to $56 million, from $48.6 million in Q1 2009.

Net sales rose 6.4% to $520.8 million, compared to $489.3 million a year ago.

Daily sales to manufacturing customers, which represents about 50% of the Winona, Minn.-based company's business, grew approximately 15.7% in the first quarter. Sales to non-residential construction customers contracted approximately 14.7% in the first quarter of 2010.

During the first three months of 2010, Fastenal opened 29 new stores.

On a sequential basis, daily average sales to manufacturing customers have improved each month since May 2009 (with the exception of July and December 2009 due to the holiday impact and February 2010 due to the impact of poor weather). This reversed the negative trend which began in October 2008. "This improvement has been partially offset by continued weakening in our non-residential construction business in 2009 and in the first three months of 2010," according to a company statement.