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Fastenal Co - FAST STOCK NEWS

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:

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Fastenal Company (Nasdaq: FAST) has announced the promotion of Donnalee K. Papenfuss to the newly created position of Executive Vice President of Strategy and Communications, effective November 1, 2024. In this role, Papenfuss will lead marketing and drive strategic initiatives in technology, sales, and ESG, while enhancing communication efforts to support these initiatives.

Papenfuss has been with Fastenal since 1999, most recently serving as Vice President of Contract Development and Support from February 2014 to October 2024. Her responsibilities have included sales enablement, development, and support functions, as well as overseeing Fastenal's internal chatbot and digital assistant, Blue, and leading the company's ESG Community of Practice.

CEO Dan Florness expressed excitement about Papenfuss's vision and leadership as Fastenal continues to evolve as a technology-focused supply chain partner to its customers.

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Fastenal Company (FAST) reported its Q3 2024 earnings with net sales increasing 3.5% to $1,910.2 million. The company's daily sales rate grew 1.9% compared to Q3 2023. Net income rose 0.9% to $298.1 million, with diluted earnings per share remaining unchanged at $0.52. Fastenal's gross profit margin decreased to 44.9% from 45.9% in Q3 2023, while SG&A expenses as a percentage of net sales improved to 24.6% from 25.0%. The company signed 93 new Onsite locations in Q3, bringing the year-to-date total to 302. FMI Technology sales grew 9.3% and represented 43.0% of total sales. Fastenal's Digital Footprint increased to 61.1% of sales, up from 57.1% in Q3 2023. The company's operating cash flow decreased 23.5% to $296.9 million, representing 99.6% of net income.

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Fastenal Company (Nasdaq:FAST) has announced a cash dividend of $0.39 per share, payable on November 22, 2024 to shareholders of record as of October 25, 2024. The company has a history of paying dividends since 1991, evolving from annual to quarterly payments in 2011. Fastenal's board intends to continue quarterly dividends, subject to financial conditions and other factors.

The press release provides a detailed breakdown of Fastenal's dividend history, including regular and special dividends from 2022 to 2024. It also presents a 10-year overview of dividend payments and stock repurchase activities. In 2024, Fastenal projects to pay a total of $1.56 per share in regular dividends. The company did not repurchase any common stock in the third quarter of 2024 and has authority to purchase up to 6,200,000 additional shares under its current authorization.

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Fastenal Company (Nasdaq:FAST) has announced the details for its conference call to review 2024 third quarter earnings and current operations. The call will be broadcast live over the Internet on Friday, October 11, 2024, at 9:00 a.m. central time. Investors can access the call at https://investor.fastenal.com/events.cfm.

The company's conference call presentation, which includes supplemental information to the earnings announcement, will be available at 6:00 a.m. central time on the day of the call at https://investor.fastenal.com/releases.cfm. An online archive of the webcast will be accessible within one hour after the call concludes and will remain available until December 1, 2024. Participants will need a soundcard and speakers to listen to the online webcast.

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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.

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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.

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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.

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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.

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Fastenal Company (Nasdaq:FAST) reported a 1.9% increase in net sales for the first quarter of 2024 compared to the same period in 2023. The company experienced higher unit sales primarily due to growth with larger customers and Onsite locations. Despite adverse weather conditions impacting sales, the company saw growth in various product categories. Fastenal also signed 102 new Onsite locations and continues to focus on expanding its FMI Technology offerings. While net income increased by 0.9%, operating income decreased by 0.8% due to higher SG&A expenses. The company's digital footprint and eCommerce sales also saw significant growth.
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Fastenal Company (FAST) declared a dividend of $0.39 per share to be paid on May 23, 2024, continuing its trend of regular and special dividend payments over the years. The company's board of directors plans to maintain quarterly dividends, subject to financial conditions and operational results.
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FAQ

What is the current stock price of Fastenal Co (FAST)?

The current stock price of Fastenal Co (FAST) is $83.57 as of November 6, 2024.

What is the market cap of Fastenal Co (FAST)?

The market cap of Fastenal Co (FAST) is approximately 47.9B.

What does Fastenal Co. do?

Fastenal Co. provides a wide range of industrial and construction supplies, including fasteners, OEM, and MRO products. They also offer supply-chain solutions such as vending and vendor-managed inventory.

Where is Fastenal Co. headquartered?

Fastenal Co. is headquartered in Winona, Minnesota.

How many locations does Fastenal Co. have?

Fastenal operates nearly 2,700 locations globally, including around 1,600 branches and over 1,800 on-site locations.

What is the primary product category for Fastenal?

Fasteners are the largest product category for Fastenal, accounting for about 30%-35% of its sales.

How does Fastenal support its customers?

Fastenal supports its customers by offering tailored local inventory, personal service, emergency deliveries, and supply-chain solutions like vending and vendor-managed inventory.

What is Fastenal's business philosophy?

Fastenal believes in empowering its employees to run their own businesses and become leaders, fostering an entrepreneurial culture.

How many distribution centers does Fastenal have?

Fastenal operates 15 distribution centers.

Who are Fastenal's customers?

Fastenal serves approximately 400,000 active customers across various industries.

When did Fastenal start diversifying its product offerings?

Fastenal began diversifying its product offerings in 1993.

What types of supply-chain solutions does Fastenal offer?

Fastenal offers supply-chain solutions such as vending services and vendor-managed inventory to enhance operational efficiencies for its customers.

Fastenal Co

Nasdaq:FAST

FAST Rankings

FAST Stock Data

47.88B
572.89M
0.17%
84.87%
2.42%
Industrial Distribution
Retail-building Materials, Hardware, Garden Supply
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United States of America
WINONA