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Fastenal delivers mixed Q4

Industrial supplies company Fastenal (NASDAQ: FAST) Thursday reported mixed fourth-quarter results. GAAP net income rose to 59 cents per share during the quarter from 53 cents per share a year ago. On an adjusted basis, net income was 60 cents per share, in line with analysts’ projection.

Revenue increased 13% to $1.23 billion due to continued strength in underlying market demand. The top line came in slightly above analysts’ projection of $1.22 billion.

Fastenal Q4 2018 earnings infographic
Fastenal Q4 2018 earnings infographic

FAST shares had closed 0.8% down on Wednesday. The stock has gained 3.8% in the trailing 52 weeks.

The company said sales of our fastener products grew 11.3% on a daily basis, while that of non-fastener products grew by 14.6%.

In Q4, operating income, as a percentage of net sales, improved to 19.0% from 18.7% in the fourth quarter of 2017.

Fastenal signed 32 new national account contracts and 67 new Onsite locations. As on December 31, 2018, the company had 894 active sites, representing an increase of 47.8% from a year ago.

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Fastenal also signed 16.7% more industrial vending devices during the fourth quarter, taking its installed device count to 81,137 as on December-end.

During the prior sequential quarter, the Winona, Minnesota- based industrial supplier had topped market expectations on sales and profits.

 

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KeyCorp beats estimates on Q4 revenue and earnings

KeyCorp (KEY) reported better-than-expected revenue and earnings for the fourth quarter of 2018 but the stock dipped 0.9% during premarket hours on Thursday.

Total revenues grew 2.8% to $1.65 billion compared to the same period last year. Net income attributable to common shareholders improved to $461 million or $0.45 per share from $182 million or $0.17 per share in the prior-year period. Adjusted EPS was $0.48.

KeyCorp fourth quarter 2018 earnings infographic
KeyCorp Q4 2018 Earnings Infographic

Taxable-equivalent net interest income grew 5.9% to $1 billion and net interest margin rose to 3.16% from 3.09% in the year-ago quarter, reflecting benefits from higher interest rates and higher earning asset balances. Noninterest income dropped 1.7% to $645 million. Noninterest expense dropped 7.8% to $1 billion during the quarter.

Average loans grew 3.8% to $89.3 billion from last year while average deposits rose 4% to $108 billion. The growth in average loans reflected broad-based growth in commercial and industrial loans and the growth in average deposits reflected growth in higher-yielding deposit products along with strength in the retail banking franchise and growth from commercial relationships.

Provision for credit losses increased to $59 million from $49 million in the prior-year period. Net loan charge-offs totaled $60 million versus $52 million last year. At quarter-end, the company’s tangible common equity ratio was 8.30%.

BB&T beats Q4 earnings estimates; revenues miss

Revenue from continuing operations increased 6.3% for the Key Community Bank segment while for the Key Corporate Bank, it declined 4%. Profits for the Key Community Bank segment increased 71.7% helped by momentum in core businesses, expense discipline and a lower tax rate. In the Key Corporate Bank segment, profits dropped 3.6%.

 

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