Fastenal Increases Dividend 30%
Fastenal Increases Dividend 30%
John Wolz
Fastenal Co. announced an increase in its semiannual common dividend from 27 cents to 35 cents. Fastener has paid dividends every year since 1991. The 30% dividend increase follows a 27 cent bonus dividend at the end of 2008.
Fastener reported 2008 sales, climbed 13.5% to $2.34 billion, with net earnings jumping 20% to $279 million.
Fastenal, founded in 1967 in Winona, MN, by now chairman Bob Kierlin, has 2,314 stores in all U.S. states and Canadian provinces plus Puerto Rico, Mexico, Singapore, Netherlands and China.
Standard & Poor’s currently rates Fastenal as a “strong buy” due to cost cuts and strategy of adding sales staff in existing stores instead of opening more stores. Last year Fastenal opened 161 stores.
Fastenal stock closed at $32.47 Friday. It ranged from $30.08 to $53.03 in the past year. Web: fastenal.com �2009 FastenerNews.com
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