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Fastenal Company Reports 2014 Second Quarter Earnings

WINONA, Minn., July 11, 2014 (GLOBE NEWSWIRE) -- Fastenal Company of Winona, MN (Nasdaq:FAST) reported the results of the quarter ended June 30, 2014. Except for per share information, or as otherwise noted below, dollar amounts are stated in thousands.

Net sales (and the related daily sales), pre-tax earnings, net earnings, and net earnings per share were as follows for the periods ended June 30:

  Six-month period Three-month period
  2014 2013 Change 2014 2013 Change
Net sales $ 1,826,439 1,653,922 10.4% $ 949,938 847,596 12.1%
Business days 127 127   64 64  
Daily sales $ 14,381 13,023 10.4% $ 14,843 13,244 12.1%
Pre-tax earnings $ 385,627 367,551 4.9% $ 206,782 192,379 7.5%
% of sales 21.1% 22.2%   21.8% 22.7%  
Net earnings $ 242,445 230,057 5.4% $ 130,514 121,009 7.9%
Net earnings per share (basic) $ 0.82 0.78 5.1% $ 0.44 0.41 7.3%

BUSINESS UPDATE

In July 2013, we disclosed our intention to increase our investment in people at the store level and in additional leadership personnel at the district and regional levels. We felt this expanded investment was necessary to add 'selling energy' to the organization. With expanded investment, comes expanded expectations - in July 2013 we grew average daily sales over the same month in the preceding year in the low single digits, in June 2014 we grew average daily sales over the same month in the preceding year by 12.7%.

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