On May 6, 2014, we issued an updated research report on Fastenal Company (FAST – Analyst Report).
After struggling for the past many quarters, Fastenal’s top line turned around in the first quarter of 2014, results of which were announced on Apr 11. Both earnings and revenues beat the Zacks Consensus Estimate. Adjusted earnings of 38 cents per share grew almost 3% while sales went up 8.7% year over year.
Fastenal’s total average daily sales growth rate in the first quarter was 8.7%, up from 4.9% in the prior-year quarter, owing to increase in sales volume. Though the company witnessed softer sales in January and February due to harsh weather, sales improved in March. The double-digit growth in daily sales in March was driven by favorable timing of Easter and increased investments in stores that led to improvement in sales.
