The 2020 Mid-Year Economic Update_long

Fastenal Names New CEO

Third quarter sales up 1.5 percent year-over-year.

The Fastenal Company (Nasdaq: FAST), Winona, MN, has named Daniel Florness as president and CEO.

Florness, who is currently executive vice president and chief financial officer, will succeed Willard Oberton.

Fastenal also reported sales for the third quarter of $995.3 million, up 1.5 percent year-over-year. Profit was $136.5 million, up 2.4 percent.

For the first nine months of the year, sales were $2.9 billion, up 5 percent over the same period the previous year. Profit increased 7.6 percent to $404.5 million.

The number of stores open in the third quarter was down 1.4 percent year-over-year to 2,609. FAST Solutions machines were up 17.4 percent to 53,547 vending machines. Employee count was up 8.4 percent to 19,979.

Sales growth in the third quarter was primarily due to higher unit sales, which resulted from increases in sales at older store locations and to a lesser degree the opening of new store locations in the last several years. Net sales were also impacted by minimal price changes in the non-fastener products and some price deflation in fastener products, but the net impact was a drag on growth.

Fastenal also reported sales for September of $329.2 million, a 0.3 percent decrease over the same period a year ago. Daily sales also decreased 0.3 percent to an average of $15.7 million.

During the month, sales to manufacturing customers fell 1 percent, while sales to nonresidential construction customers fell 2.6 percent.

Store count was 2,609 in September, compared to 2,647 a year ago. Employee headcount increased 8.4 percent year-over-year to 19,979.

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