Fastenal Profit Jumps Despite Soaring Fuel Costs
April 15
00:00
2008
Fastenal Profit Jumps Despite Soaring Fuel Costs
Jason Sandefur
Fastenal reported climbed 15.8% to $566.2 million during the first quarter of 2008, while net earnings jumped 26% to $68.1 million.
Fastenal opened 53 new stores during Q1, down from the 73 new sites opened in the first quarter of 2007. The company’s workforce increased by 4.3% during the period, and 15.3% during the last 12 months.
“Rising fuel prices negatively impacted the year ended December 31, 2007, and the first quarter of 2008,” the company stated.
Total vehicle fuel costs soared 38% to $2.9 million per month during Q1. Web: fastenal.com �2008 FastenerNews.com
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