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Fastenal Co FAST

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Morningstar’s Analysis

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Fastenal Reported Solid Q1 Results and Is Poised for Stronger Growth as the Economy Recovers

Analyst Note

| Brian Bernard, CFA, CPA |

We're maintaining our $38 per share fair value estimate for wide-moat rated Fastenal after the firm reported solid first-quarter results. Reported revenue increased nearly 4% year over year to $1.4 billion (sales growth was over 5% adjusting for one less business day during the quarter). Daily sales of safety products were almost 15% higher than the year-ago quarter as pandemic-related demand persisted. However, this product line will face tough prior-year sales comparisons over the second half of 2021. On the other hand, fastener sales growth turned positive (4% growth) for the first time since the fourth quarter of 2019. This return to growth is a sign that the United States economy is rebounding, and we expect growth will accelerate for this product line. We continue to model mid-single-digit consolidated sales growth in 2021 with a return to low-double-digit growth thereafter.

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Company Profile

Business Description

Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, Fastenal has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 2,000 branches, over 1,250 on-site locations, and 14 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30-35% of sales. Fastenal also offers customers supply-chain solutions, such as vending and vendor-managed inventory.

2001 Theurer Boulevard
Winona, MN, 55987-1500
T +1 507 454-5374
Sector Industrials
Industry Industrial Distribution
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 20,532