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.
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.
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.