Strong Q1 for Fastenal
Fastenal, the wholesale distributor of industrial and construction supplies, reported first quarter 2019 net sales of $1.3 billion – a 10.4% increase from net sales of nearly $1.2 billion in the first quarter 2018.
The Winona, Minn.-based company also reported first quarter net earnings increased 11.4% to $194.1 million from net earnings of $174.3 million for the same period a year ago.
Sales of fastener products grew 11.8% on a daily basis over the first quarter of 2018 and represented 34.8% of sales in the first quarter of 2019. Sales of non-fastener products grew 12.7% on a daily basis over the first quarter of 2018 and represented 65.2% of sales in the first quarter of 2019.
Fastenal said it signed 105 new onsite locations, defined as dedicated sales and service provided from within, or in close proximity to, the customer's facility, during the first quarter of 2019.
The company had 945 active sites on March 31, 2019, which represented an increase of 39.4% from March 31, 2018.
Fastenal also signed 59 new national account contracts – new customer accounts with a multi-site contract – in the first quarter of 2019, and revenues attributable to national account customers represented 52.7% of total revenues in the period. Daily sales to national account customers grew 16.9% in the first quarter of 2019 over the first quarter of 2018.
The Winona, Minn.-based company also reported first quarter net earnings increased 11.4% to $194.1 million from net earnings of $174.3 million for the same period a year ago.
Sales of fastener products grew 11.8% on a daily basis over the first quarter of 2018 and represented 34.8% of sales in the first quarter of 2019. Sales of non-fastener products grew 12.7% on a daily basis over the first quarter of 2018 and represented 65.2% of sales in the first quarter of 2019.
Fastenal said it signed 105 new onsite locations, defined as dedicated sales and service provided from within, or in close proximity to, the customer's facility, during the first quarter of 2019.
The company had 945 active sites on March 31, 2019, which represented an increase of 39.4% from March 31, 2018.
Fastenal also signed 59 new national account contracts – new customer accounts with a multi-site contract – in the first quarter of 2019, and revenues attributable to national account customers represented 52.7% of total revenues in the period. Daily sales to national account customers grew 16.9% in the first quarter of 2019 over the first quarter of 2018.