Fastenal Q1 sales up 6.2 percent
Fastenal reported sales increased 6.2 percent to $1.0 billion in Q1.
The increase from sales of $986.7 million in last year's first quarter was driven primarily by higher unit sales. The higher unit sales resulted primarily from increases in sales at existing store locations, growth in industrial vending business, and growth in new and existing onsite locations, the company said.
Fastener products, which represented 35.6% of net sales in the first quarter of 2017, grew 0.8 percent. Sales of non-fastener products, which represented 64.4% of net sales in the first quarter of 2017, grew 9.4 percent.
Net earnings of $134.2 million, or 46 cents per share, were up 6.3 percent from earnings of $126.2 million, or 44 cents, in the same period last year.
The Winona, Minnesota-based distributor signed 5,437 industrial vending machines during the first quarter of 2017, an increase of 17.0% over the first quarter of 2016. Net sales through vending machines continued to grow at a double-digit pace in the first quarter of 2017.
The company signed 64 new Onsite locations during the first quarter of 2017 compared to 48 signings in the first quarter of 2016, an increase of 33.3%. In addition, Fastenal signed 43 new national account contracts (defined as new customer accounts with a multi-site contract) in the first quarter of 2017, and revenues attributable to national account customers represented 48.4% of our total revenues in the period. Net sales from national account customers grew 9.2% in the first quarter of 2017 over the first quarter of 2016.
In a separate announcement, Fastenal said its March sales of $386.9 million were up 8.4 percent from sales of $357.1 million in March 2016. Daily sales of $16.8 million increased by 8.4 percent from $15.5 million last year.
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