Fastenal Clocks 10% Sales Growth In Q3; Warns On Cost Inflation

  • Fastenal Company FAST reported third-quarter FY21 sales growth of 10% year-over-year to $1.55 billion, beating the consensus of $1.54 billion.
  • EPS improved to $0.42 from $0.38 in 3Q20, in line with the consensus of $0.42.
  • Gross profit improved by 12.4% to $720.2 million, while the gross margin expanded by 100 bps to 46.3%.
  • The operating income increased by 9.8% Y/Y to $318.4 million, and the margin was flat at 20.5%.
  • Weighted FASTVend/FASTBin signings (MEUs) were 4,813, up 0.5% from 4,791 last year.
  • Fastener daily sales grew 20.2% Y/Y and represented 33.4% of net sales. Safety product daily sales declined 2.9% and represented 21.1% of net sales. Other products' daily sales rose 9.2% Y/Y and represented 45.5% of net sales.
  • Fastenal generated cash from operating activities year-to-date of $613.7 million, compared to $590.3 million a year ago.
  • Total debt was $365.0 at the end of the quarter, or 11% of total capital. It held cash and equivalents of $250.5 million as of September 30, 2021.
  • The company signed 75 new Onsite locations in the quarter. It anticipates signing 285 - 325 Onsite locations in 2021, down from the prior view of 300 - 350 locations.
  • The company anticipates weighted FASTVend and FASTBin device signings in 2021 of 20,500 - 22,000 MEUs, down from prior expectations of 23,000 - 25,000 MEUs.
  • Fastenal said it continues to experience pressure related to material and transportation cost inflation.
  • Price Action: FAST shares are trading higher by 1.47% at $53 during the premarket session on Tuesday.
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