Fastenal Slides on Most Recent Numbers

Fastenal Company (NASDAQ:FAST) saw its shares stumble out of the gate Thursday on financial results for the latest quarter.

The Winona, Minn.-based Fastenal, a leader in the wholesale distribution of industrial and construction supplies, today announced its financial results for the quarter ended June 30, 2019.

Net sales came in at $1.368.4 million, compared to $1,267.9 million in the prior-year quarter, or 7.9% better. Gross profit registered $641.2 million, overcoming a prior-year figure of $617.7 million, or 3.8% improved.

Net earnings, however, were down 3.1% from the year before, to $204.6 million from $211.2 million. Diluted net earnings per share were 36 cents, compared to 37 cents in the prior-year.

Fastenal signed 11,042 industrial vending devices during the first six months of 2019 and 5,439 devices during the second quarter of 2019.

Fastenal's installed device count on June 30, 2019 was 85,871, an increase of 12.9% over June 30, 2018.

Daily sales through our vending devices grew at a low-teens pace in the second quarter of 2019 over the second quarter of 2018 due to the increase in the installed base.

These device counts do not include slightly more than 15,000 vending devices deployed as part of a lease locker program. The company's goal for vending device signings in 2019 remains 23,000 to 25,000 units.

The company also signed 51 new national account contracts (defined as new customer accounts with a multi-site contract) in the second quarter of 2019, and revenues attributable to national account customers represented 53.3% of total revenues in the period.

Shares lost $1.24, or 4%, to $30.01