Fastenal Company (NASDAQ:FAST) presented fourth-quarter financial results early Thursday. The Winona, Minnesota-based company is a leader in the wholesale distribution of industrial and construction supplies
Net sales increased $143.2, or 13.2%, from the fourth quarter of 2017 to the fourth quarter of 2018. This increase was driven by higher unit sales related primarily to continued strength in underlying market demand and contribution from our growth drivers, most notably industrial vending and Onsite locations.
Gross profit, as a percentage of net sales, declined 110 basis points to 47.7% in the fourth quarter of 2018 from 48.8% in the fourth quarter of 2017, the most significant factors being the net impact of inflation and the impact of customer and product mix on product margins, and higher freight costs.
FAST’s net earnings during the fourth quarter of 2018 were $168.8, an increase of 10.7% when compared to the fourth quarter of 2017. Diluted net earnings per share were $0.59 during the fourth quarter of 2018 compared to $0.53 during the fourth quarter of 2017, an increase of 11.2%
Fastenal signed 4,980 industrial vending devices during the fourth quarter of 2018, an increase of 16.7% compared to the fourth quarter of 2017, and signed 22,073 industrial vending devices in 2018, an increase of 14.0% compared to 2017.
Shares vaulted $2.76, or 5.1%, to $56.88 early Thursday.
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