By Katherine Hamilton
Fastenal reported higher profit and revenue for the first quarter and plans to invest more in its hubs over the course of this year.
The fastener maker on Friday posted a profit of $298.7 million, or 52 cents a share, in the three months ended March 31, compared with $297.7 million, or 52 cents a share, a year earlier.
Revenue rose 3.4% to $1.96 billion. Analysts surveyed by FactSet forecast revenue of $1.95 billion.
Fastenal had an increase in unit sales during the first quarter because it had more customer sites spending $10,000 or more a month with the company, it said. Price levels remained relatively stable.
In 2025, Fastenal expects to increase investment in property and equipment to between $265 million and $285 million, up from $214.1 million in 2024. It anticipates higher distribution center spending to complete its upgraded hub in Utah, begin construction in Atlanta and improve capacity across its network.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 11, 2025 07:38 ET (11:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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