Fastenal posts 13 pct increase in 4th-qtr net income helped by sales at new stores

  • Article by: Associated Press
  • Updated: January 17, 2013 - 9:13 AM

WINONA, Minn. - Fastenal Co. said Thursday that its fourth-quarter net income jumped 13 percent, helped by contributions from new stores and the installations of more of its industrial vending machines.

Fastenal, which sells nuts, bolts and other fasteners, earned $98.7 million, or 33 cents per share, up from $87.5 million, or 30 cents per share, in the same quarter last year.

Revenue rose 9 percent to $757.2 million from $697.8 million.

Analysts, on average, expected earnings of 33 cents per share on $760.7 million in revenue, according to FactSet.

The Winona, Minn.-based company said it opened 80 new stores during 2012, bringing its total to 2,652. It also installed 13,642 new industrial vending machines, more than doubling its total to 21,095.

The company said its year-over-year daily sales growth rate increased through the quarter, rising from 6.8 percent in October to 9.7 percent in December.

For the full year 2012, Fastenal earned $420.5 million, or $1.42 per share, up from $357.9 million, or $1.21 per share, in 2011. Revenue increased to $3.13 billion from $2.77 billion.

Fastenal shares slipped 50 cents, or 1.1 percent, to $46.50 in trading 80 minutes before the market opening. Its shares have traded in a 52-week range of $37.61 to $55.05.

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