Winona, MN-based company Fastenal reported the results of the quarter ended June 30, 2016, which were lower than expected due to a reduction in demand for fasteners, according to the Post-Bulletin.
The report showed earnings of 45 cents per diluted share while analysts had estimated 48 cents per share, Post-Bulletin reported. The total average daily sales increase rose 1.6 percent in the second quarter of this year compared to a 5 percent jump in the same quarter last year.
Industrial vending, however, was a bright spot for the company, the Post-Bulletin wrote. Fastenal reported, “During the first and second quarters of 2016, we signed 4,647 and 4,869 devices, respectively. During the first and second quarters of 2015, we signed 3,962 and 5,144 devices, respectively. Our installed device count on June 30, 2016 was 58,346 (excluding the 3,033 devices deployed under our locker lease program), which is an increase of 15.3% over June 30, 2015. The percent of total net sales to customers with industrial vending was 44.6% in the second quarter of 2016. Our total daily sales to customers with industrial vending grew 2.7% over the second quarter of 2015. However, daily sales of non-fastener products to customers with industrial vending grew 5.9%, while daily sales of fasteners to customers with industrial vending contracted 5.1%.”
