Welcome to our dedicated page for Fastenal Co news (Ticker: FAST), a resource for investors and traders seeking the latest updates and insights on Fastenal Co stock.
Fastenal Co. (symbol: FAST) is a leading industrial supply company that has grown exponentially since its inception in 1967. Starting from a single store in Winona, Minnesota, Fastenal now operates nearly 2,700 locations globally. Each store delivers tailored local inventory and personal service, ensuring that customers receive the best possible support. The company prides itself on an entrepreneurial culture that empowers employees to run their own businesses, fostering leadership and innovation.
Fastenal serves approximately 400,000 active customers through a comprehensive network of around 1,600 branches, over 1,800 on-site locations, and 15 distribution centers. Initially focused on fasteners, this category remains its largest, contributing about 30%-35% of sales. Over the years, the company has diversified its product range, now offering OEM, MRO, and construction supplies, among other categories.
The company provides a variety of supply-chain solutions including vending services and vendor-managed inventory, enhancing operational efficiencies for its customers. Fastenal's decentralized approach allows store personnel the flexibility to source products, make emergency deliveries, and manage inventory with a lean flow, thus ensuring high levels of customer satisfaction.
Fastenal's global operations are supported by robust sourcing, quality, and logistics networks, making each store a local, one-stop solution for industrial needs. The company is committed to continual business improvement, leveraging its services, solutions, and specialist expertise to benefit its diverse clientele.
Latest News: Stay updated with the most recent developments and performance metrics of Fastenal by following the latest news below:
- Source: Fastenal Company
- ---
- ---
- ---
- ---
- Source: Laser Photonics Corporation
- ---
Fastenal Company (Nasdaq: FAST) has named Jeff Watts as the new President and Chief Sales Officer, effective August 1, 2024. Watts, a 28-year veteran of the company, will take over the President role from Dan Florness, who will continue to serve as CEO and a member of the Board of Directors. Watts has been Chief Sales Officer since May 2023, overseeing global sales across 25 countries. His extensive experience includes roles such as Executive Vice President – International Sales, and Regional Vice President of Fastenal's Canadian business. Watts joined Fastenal as a part-time branch employee in 1996 and has risen through the ranks over nearly three decades.
Fastenal Company (Nasdaq:FAST) released its financial results for Q2 2024. Net sales increased by 1.8% to $1,916.2 million, with daily sales also up by 1.8%. Gross profit rose by 0.7% to $863.5 million, although gross profit as a percentage of net sales declined to 45.1% from 45.5%. Net income dropped by 1.8% to $292.7 million, with diluted net income per share at $0.51, a 2.0% decrease. Operating income fell by 2.0% to $386.9 million.
Fastenal's fastener product lines saw a 3.0% decline in daily sales rate (DSR), while non-fastener products grew by 4.2%. Onsite locations increased by 11.9%, and FMI Technology sales rose by 7.0%. SG&A expenses grew by 3.0%, with net interest expense dropping due to higher interest income.
The company returned $223.3 million to shareholders via dividends in Q2. Despite the growth in sales and Onsite locations, Fastenal faced challenges with lower pricing in certain product categories and inefficiencies in supply chain management.
The Fastenal Company (NASDAQ: FAST) has declared a cash dividend of $0.39 per share, payable on August 23, 2024, to shareholders of record as of July 26, 2024. Fastenal has a strong history of dividend payments, transitioning from annual to semi-annual, and now quarterly dividends since 2011. The company has also issued special one-time dividends in December 2008, 2012, 2020, and 2023. In 2024, Fastenal has declared dividends totaling $1.17 per share. The company continues to prioritize dividends as part of its financial strategy, though future payments will depend on financial conditions and other relevant factors. Over the past ten years, Fastenal has paid dividends totaling $10.15 per share and repurchased 31.8 million shares at an average price of $26.03.
Fastenal Company (Nasdaq:FAST) has scheduled a conference call to discuss its 2024 second quarter earnings and current operations. The call will be broadcast live on the Internet on Friday, July 12, 2024, at 9:00 a.m. central time. A presentation supplementing the earnings announcement will be available at 6:00 a.m. central time on the same day. The webcast can be accessed through Fastenal's investor relations website, and an archive will be available until September 1, 2024.
FAQ
What is the current stock price of Fastenal Co (FAST)?
What is the market cap of Fastenal Co (FAST)?
What does Fastenal Co. do?
Where is Fastenal Co. headquartered?
How many locations does Fastenal Co. have?
What is the primary product category for Fastenal?
How does Fastenal support its customers?
What is Fastenal's business philosophy?
How many distribution centers does Fastenal have?
Who are Fastenal's customers?
When did Fastenal start diversifying its product offerings?
What types of supply-chain solutions does Fastenal offer?
