Fastenal Co FAST
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/10/2013

Operator: Good day, ladies and gentlemen, and welcome to the Fastenal Company Q1 2013 Earnings Results. At this time, all lines are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, today's conference is being recorded.

I would now like to turn the call over to Ellen Trester. Please begin

Ellen Trester - IR: Welcome to the Fastenal Company 2013 first quarter earnings conference call. This call will be hosted by Will Oberton, our Chief Executive Officer; and Dan Florness, our Chief Financial Officer. The call will last for up to 45 minutes. The call will start with a general overview of our quarterly results and operations by Will and Dan, with the remainder of the time being open for questions and answers.

Today's conference call is a proprietary Fastenal presentation and is being recorded by Fastenal. No recording, reproduction, transmission or distribution of today's call is permitted without Fastenal's consent. This call is being audio simulcast on the Internet via the Fastenal Investor Relations' Homepage, A replay of the webcast will be available on the website until June 1, 2013, at midnight Central Time.

As a reminder, today's conference call includes statements regarding the Company's anticipated financial and operating results as well as other forward-looking statements based on current expectations as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may often be identified with words such as 'we expect,' 'we anticipate,' 'upcoming' or similar indications of future expectations.

It is important to note that the Company's actual results may differ materially from those anticipated. Information on factors that could cause actual results to differ materially from these forward-looking statements are contained in the Company's periodic filings with the Securities and Exchange Commission, and we encourage you to review those carefully.

Investors are cautioned not to place undue reliance on such forward-looking statements as there is no assurance that the matter contained in such statements will occur. Forward-looking statements are made as of today's date only and we undertake no duty to update the information provided on this call.

I would now like to turn the call over to Will Oberton. Go ahead, Mr. Oberton.

Willard D. Oberton - CEO: Thank you, Ellen, and thank you for joining us today. I'd also like to mention that Lee Hein is joining as our President. (Figure) with the quarter that we just reported, we need some help on Q&A.

No, actually, we had an okay quarter considering the economic conditions. We did many things well, but there are areas that we're struggling and the first one would be sales growth. There was a struggle for us in the first quarter and continued to slow down as the quarter went on, reporting 6.5% on a daily rate for the quarter, and so that was a slow quarter from a sales growth standpoint.

We do have some bright spots, and that our metalworking product continued to grow at just above – or 10% above our overall number. So, we had some pretty good growth there. And that is an area that we've worked hard and we are pushing very, very hard on. Our government business grew just at about 15% – 14% to 15%, so that was another nice number; something we've been focused on for the last three or four years.

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