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4-Traders Homepage  >  Equities  >  Nasdaq  >  Fastenal    FAST

FASTENAL (FAST)
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Earnings Review and Free Research Report: Fastenal’s Quarterly Revenue Jumped 10.6%; EPS Climbed 16%

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07/18/2017 | 01:31pm CEST

LONDON, UK / ACCESSWIRE / July 18, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Fastenal Co. (NASDAQ: FAST), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=FAST, following the Company's disclosure of its second quarter fiscal 2017 earnings results on July 12, 2017. The maker of industrial and construction fasteners outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FAST. With the links below you can directly download the report of your stock of interest-free of charge at:

http://protraderdaily.com/optin/?symbol=FAST

Earnings Reviewed

For the three months ended June 30, 2017, Fastenal's sales rose 10.6% to $1.12 billion compared to sales of $1.01 billion in Q2 2016, primarily driven by unit sales. The gain in unit sales resulted from improvement in underlying market demand, growth in the Company's industrial vending business, and growth in new and existing Onsite locations. Fastenal's revenue numbers surpassed analysts' estimates of $.11 billion.

For Q2 2017, Fastenal's daily sales of fastener products, which represented 36.1% of sales in the reported quarter, grew 7.9% in total, of which 3.6% were attributable to the recently acquired Manufacturers Supply Company (Mansco). The Company's daily sales of non-fastener products, which represented 63.9% of sales in Q2 2017, grew 12.2% on a y-o-y basis.

Fastenal's gross profit, as a percentage of net sales, improved 30 basis points to 49.8% in Q2 2017 compared to 49.5% in Q2 2016. Changes in product and customer mix continued to adversely impact gross profit, as well as the inclusion of Mansco in the reported quarter. The Company's operating income, as a percentage of net sales, improved to 21.2% in Q2 2017 from 20.6% in Q2 2016. This improvement was attributed to a 30 basis point improvement in gross profit margin, in conjunction with a 20 basis point improvement in its operating and administrative expenses. Fastenal's operating and administrative expenses, as a percentage of net sales, were 28.6% in Q2 2017 compared to 28.8% in Q2 2016.

For Q2 2017, Fastenal's net earnings were $148.9, reflecting an increase of 13.2% when compared to Q2 2016. The Company's diluted net earnings per share were $0.52 during the reported quarter compared to $0.45 during the prior year's same quarter. Fastenal's earnings numbers exceeded Wall Street's expectations of $0.50 per share.

Key Metrics

During Q2 2017, Fastenal signed 4,881 industrial vending machines, reflecting an increase of 0.3% on a y-o-y basis. The Company's installed device count on June 30, 2017, was 66,577, an increase of 14.1% over June 30, 2016. Fastenal signed 68 new Onsite locations during Q2 2017 compared to 44 signings in Q2 2016, an increase of 54.5%. The Company had 486 active sites on June 30, 2017, which represented an increase of 45.9% over June 30, 2016.

For Q2 2017, Fastenal signed 51 new national account contracts (defined as new customer accounts with a multi-site contract), and revenues attributable to national account customers represented 47.8% of its total revenues in the period. Sales to the Company's national account customers grew 13.2% in Q2 2017 over Q2 2016.

Balance Sheet and Cash Flow

Fastenal produced operating cash flow of $293.3 million in H1 2017, an increase of 15.7% compared to H1 2016, representing 103.6% of the reported period's net earnings versus 98.4% in the year ago same period. The improvement was mainly attributable to improved net earnings growth. The Company invested $52.8 million in property and equipment, net of proceeds from sales, during H1 2017 compared to $85.7 million in H1 2016. Fastenal has increased its net capital expenditures expectation to approximately $127.0 million in 2017 compared to $119.0 million previously, due to higher anticipated spending on supply chain and information technology.

During Q2 2017, Fastenal purchased 1,300,000 shares of our common stock at an average price of approximately $43.62 per share.

At the end of Q2 2017, Fastenal's total debt on balance was $445 million, or 18.3% of total capital, compared to $430.0 million, or 18.7% of total capital, at the end of Q2 2016. The Company's accounts receivable were $613.5 million at the end of Q2 2017, an increase of $76.1 million, or 14.2%, over Q2 2016. Inventories were $1.04 billion at the end of the reported quarter, reflecting an increase of 6.0% on a y-o-y basis. Fastenal's accounts payable were $141.2 million at the end of Q2 2017, a decrease of $17.5 million, or 11.0%, from Q2 2016.

Dividend Announcement

On July 11, 2017, Fastenal announced that its Board of Directors declared a dividend of $0.32 per share to be paid in cash on August 23, 2017, to shareholders of record at the close of business on July 26, 2017.

Stock Performance

On Monday, July 17, 2017, Fastenal's stock closed the trading session at $42.50, marginally down 0.89% from its previous closing price of $42.88. A total volume of 3.36 million shares was exchanged during the session. Shares of the Company have a PE ratio of 23.29 and have a dividend yield of 3.01%. The stock currently has a market cap of $12.38 billion.

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Financials ($)
Sales 2017 4 379 M
EBIT 2017 886 M
Net income 2017 556 M
Debt 2017 323 M
Yield 2017 2,65%
P/E ratio 2017 25,14
P/E ratio 2018 22,56
EV / Sales 2017 3,25x
EV / Sales 2018 2,97x
Capitalization 13 907 M
Chart FASTENAL
Duration : Period :
Fastenal Technical Analysis Chart | FAST | US3119001044 | 4-Traders
Technical analysis trends FASTENAL
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 50,5 $
Spread / Average Target 4,4%
EPS Revisions
Managers
NameTitle
Daniel L. Florness President, Chief Executive Officer & Director
Willard D. Oberton Chairman
Nicholas J. Lundquist Senior Executive Vice President-Operations
Holden Lewis Chief Financial Officer & Executive Vice President
John L. Soderberg Executive Vice President-Information Technology
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