- Fastenal Co shares increase by 6%
- 35% rise in year-on-year reported adjusted earnings
- Total reported profits of $751.9 million
Fastenal Co shares saw a jump of 4.36% yesterday to hit $56.48 in the wake of revenue data that easily beat Wall Street expectations.
The construction supply company, which is based in Winona, Minnesota, reported adjusted earnings of 60 cents a share in the quarter, a rise of almost 35% year on year. Although this matched analysts’ predictions of a total of $1.23 billion in revenue, representing a 13.2% year-on-year hike, it beat forecasts of $1.22 billion from Wall Street.
In a statement, Fastenal said that the revenue increase was the result of higher unit sales that reflected continued strength in underlying market demand. This came mostly from industrial vending and onsite locations.
The company’s products include threaded fasteners in a range that includes bolts, screws, nuts and related items, such as washers.
Fastenal signed almost 5,000 industrial vending devices during the quarter, which is an increase of 16.7% from 12 months ago. 22,073 industrial vending devices were also signed in the year, a rise of 14% from the figure achieved in 2017.
During the year, the company reported profits totaling $751.9 million, which represented $2.62 a share. Total revenue came in at $4.97 billion, according to the report. The company’s operating margin expanded 30 basis points year over year to hit 19% in the quarter. This was attributed to improvements in operating and administrative expenses.