Fastenal Q4 Profit Tops View, But Revenues Miss

(RTTNews) - Industrial and construction supplies provider Fastenal Co. (FAST) reported Thursday profit for the fourth quarter that grew 19 percent from last year, reflecting double-digit net sales growth. Earnings per share for the quarter topped analysts' expectations by a penny, while quarterly revenues missed their estimates by a whisker.

The Winona, Minnesota-based company reported net earnings of $118.39 million or $0.40 per share for the fourth quarter, higher than $99.23 million or $0.33 per share in the prior-year quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 13.8 percent to $926.25 million from $813.76 million in the same quarter last year, but missed thirteen Wall Street analysts' consensus estimate of $935.84 million by a whisker.

The company's monthly net sales for October grew 14.6 percent, November sales increased 15.3 percent, and December sales rose 17.4 percent from the same months last year.

Operating income for the fourth quarter increased to $189.02 million from $157.13 million in the prior-year quarter.

Gross profit margin contracted 10 basis points at 50.5 percent from last year. Operating and administrative expenses, increased to $278.79 million from $254.39 million last year.

On Wednesday, Fastenal reported its Board of Directors declared a dividend of $0.28 per share, payable in cash on February 27 to shareholders of record at the close of business on January 30, 2015.

FAST closed Wednesday's regular trading session at $44.93, down $0.62 on a volume of 4.33 million shares.