Third-quarter earnings up 14.9 percent at Fastenal
Winona, Minn.-based Fastenal, the fastener and construction materials retailer, had third-quarter earnings of $62.1 million, up 14.9 percent from the earnings of $62.1 million in the same quarter last year.
The company said third-quarter sales rose 13.5 percent to $533.7 million from $470.1 million last year. The company attributed the sales increase to several company initiatives, including a new freight delivery model and upgrades to store models and distribution.
Willard Oberton, Fastenal president and CEO, said while the company fell short of its revenue growth goal “generally we are very pleased with the quarter,” he said. He said the company improved profit margins and said he expected continued improvement in that area “through transportation initiatives, purchasing and just good business practices.”
Fastenal owns and operates more than 2,100 stores in the United States, Canada, Puerto Rico, Mexico, Singapore, the Netherlands and China.