Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.
On Jan. 20, 2009,
reported that its Q4 FY08 net income surged 11.3% year-over-year on higher sales. Net income stood at $62.54 million or $0.42 per share from $56.19 million or $0.38 per share a year ago. The latest quarterly earnings beat the consensus estimate of $0.41 per share.
The company's revenue grew 5.0% to $544.96 million from $519.21 million attributable to an increase in the number of stores. Total number of stores increased to 2,311 from 2,160 stores in the previous year's quarter. In addition, full-time equivalent headcount grew 9.2% over the year-ago quarter. The company's gross profit surged 10.1% to $291.19 million from $264.57 million, while gross profit margin increased 248 basis points to 53.43% from 50.96% in Q3 FY07, driven by the company's efforts such as freight initiative and improvements in direct sourcing operations. Finally, operating income increased 8.4% to $99.31 million from $91.62 million in the same quarter of the last year. Store count growth during the quarter was 7.5% compared to 8.1% in Q3 FY07.
During FY08, FAST's net earnings jumped 20.2% to $279.71 million or $1.88 per share from $232.62 million or $1.55 million a year ago. Net sales for the year ascended 13.5% to $2.34 billion as against $2.06 billion in FY07. The company opened 161 new stores during the year.
During the quarter under review, Fastenal paid a special one-time dividend of $0.27 per share. Recently, FAST declared a quarterly cash dividend of $0.35 per share to be paid on February 27, 2009.
Looking ahead, FAST expects to increase its sales of average store over the 5-year period from 2007 to 2012 to approximately $125,000 per month.
A detailed report covering this quarterly release is now available. To purchase the report, click here.