Wholesale distributor of industrial and construction supplies Fastenal Company (FAST) reported double digit growth in its top and bottom line results, while the company missed street estimates. Net sales jumped 13.1% year-over-year to $1.18 billion, driven by higher unit sales, acquisition of Manufacturers Supply and higher prices. Profit for the quarter surged 29.8% to $174.3 million or $0.61 per share. The profit increase was helped by tax benefits and higher operating income.
Growth Drivers
On an overall basis, Fastenal’s total installed device count increased 14.2% year-over-year and stood at 73,561 as of March 31, 2018. The company’s sales through the vending devices continued to grow double digit in the first quarter, with increase in installed base and higher revenue per device.
On the signings front, Fastenal signed 100 new onsite locations in the quarter, up 56.3% year-over-year.
