Fastenal posts solid Q1
Fastenal, the construction and industrial supplies distributor, reported first quarter 2018 net sales of $1.19 billion, a 13% increase from net sales of $1.05 billion in the first quarter 2017.
The Winona, Minn.-based company said net sales increased 1.3% following the March 2017 acquisition of Manufacturers Supply Company. The remaining increase was driven by higher unit sales. Fastener products represented 35% of sales in the first quarter of 2018, Fastenal reported.
The company also reported net earnings of $174.3 million for the period, nearly a 30% increase from net earnings of $134.2 million during the first quarter 2017.
First quarter earnings included an income tax expense of $57.6 million, or 24.8% of earnings before income taxes, as a result of the Tax Cuts and Jobs Act.
Fastenal operates more than 2,600 branches in the United States, Canada, and Mexico along with 13 distribution centers.
The Winona, Minn.-based company said net sales increased 1.3% following the March 2017 acquisition of Manufacturers Supply Company. The remaining increase was driven by higher unit sales. Fastener products represented 35% of sales in the first quarter of 2018, Fastenal reported.
The company also reported net earnings of $174.3 million for the period, nearly a 30% increase from net earnings of $134.2 million during the first quarter 2017.
First quarter earnings included an income tax expense of $57.6 million, or 24.8% of earnings before income taxes, as a result of the Tax Cuts and Jobs Act.
Fastenal operates more than 2,600 branches in the United States, Canada, and Mexico along with 13 distribution centers.