Fastenal Sales & Income Achieve Double-Digit Gains
Fastenal Sales & Income Achieve Double-Digit Gains
Jason Sandefur
The Fastenal Co. reported net sales grew 13.3% to $489.15 million during the first quarter of 2007, while net earnings gained 12.9% to $54.03 million. The news that higher prices and cost-cutting efforts overcame a difficult economic environment at Fastenal drove the company’s stock up 11%.
“We’re going to continue to work hard on growing our business in a slow environment,” CEO Will Oberton stated in a conference call. “And right now, we don’t see anything that makes us believe it’s going to pick up in the near term.”
Fastenal opened 73 new stores in Q1 and increased its site employee work force 6.5% to 7,637 workers.
Declining fuel costs helped Fastenal’s bottom line, with the average price per gallon of diesel dropping 12.4% to $2.59 in Q1. Web: fastenal.com �2007 FastenerNews.com
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