Fastenal Company Q1 Earnings Meet Expectations As Sales Rise

Fastenal Company (NASDAQ:FAST) early Wednesday [Apr 12, 2017 | 7:20am] posted first quarter earnings results that met analyst expectations, also noting that its monthly sales rose significantly from last year.

Written by StockNews.com

The Winona, MN-based industrial and construction supplies distributor reported:

Fast offered some new details on a recent acquisition it made:

On March 31, 2017, we acquired certain assets and assumed certain liabilities of Manufacturers Supply Company (Mansco). We funded the cash purchase price for the Mansco acquisition with the proceeds from a new series of senior unsecured promissory notes under our master note agreement. The March 31, 2017 balance sheet and the first quarter of 2017 condensed consolidated statement of cash flows include the impact of this acquisition; however, no income statement impact was recognized given the closing occurred on the last day of the quarter.

…Dan Florness, President and Chief Executive Officer commented on its latest results via press release:

“We are pleased with the improving pace of business growth in the first quarter of 2017. This is a welcome sign of improving customer business activity and of the traction we are gaining in our growth drivers. Thank you to our customers for their belief in Fastenal. Go Blue Team!”

Next on tap for the company is its annual shareholder meeting, which will be held on Tuesday, April 25. After that, April monthly sales will be announced on May 4.

…Year-to-date, FAST has gained 7.84%, versus a 5.62% rise in the benchmark S&P 500 index during the same period.

FAST currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #3 of 56 stocks in the Industrial – Equipment category.