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FAST Fastned BV

20.30
0.00 (0.00%)
17 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Fastned BV EU:FAST Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 20.30 21.00 20.30 0.00 06:31:10

Fastenal 3Q Profit Drops 42% On Slack Construction Demand

12/10/2009 2:02pm

Dow Jones News


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   DOW JONES NEWSWIRES 
 

Fastenal Co.'s (FAST) third-quarter earnings dropped 42%, falling just short of expectations, as demand remained slack in construction businesses that fuel the company's profits.

Shares fell 1.9% premarket to $38.69.

The distributor of fasteners and other industrial and construction supplies said the weakened economy has had "a substantial impact" on sales, especially in its industrial production and nonresidential construction businesses.

The company had mostly resisted the effects of recession until a year ago, when sales started slumping as the financial crisis hit full-steam. Fastenal has since tried to cut costs by reining in store openings, slashing jobs and enacting a hiring freeze except in new or growing stores.

Fastenal reported a profit of $47.6 million, or 32 cents a share, down from $72.9 million, or 49 cents, a year earlier. Revenue decreased 22% to $489.3 million.

Analysts polled by Thomson Reuters had forecast earnings of 33 cents on revenue of $489 million.

Gross margin for the quarter fell to 50% from 52.9%.

The company said September sales from all stores, regardless of age, declined 21% from a year earlier. Sales have seen a decline from year-earlier numbers every month this year. Fastenal has opened 45 stores through the first three quarters of 2009, compared with 140 openings during that period in 2008. The company operates 2,352.

In April, Fastenal said it had slowed new store openings to an annual rate of 2% to 5%, compared with a growth rate of 7.5% in 2008. The company has said it plans to resume opening stores at a rate of 7% to 10% next year if the economy "remains somewhat stable."

-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

 
 

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