Fastenal(FAST)2025-04-11 11:35Financial Performance - Net sales for the first quarter of 2025 reached 1,895.1 million in the first quarter of 2024[3] - Daily sales increased by 5.0% to 29.6 million in the same period last year[4] - Gross profit for the quarter was 393.9 million, or 20.1% of net sales, compared to 298.7 million, a 0.3% increase from 10K or more per month increased, contributing to unit sales growth in the first quarter of 2025[5] - Sales from contract customers grew by 8.5%, accounting for 73.1% of total sales, while non-contract sales declined by 3.6%[6] - The fastener product line saw a 1.1% increase in sales, marking the first growth after seven consecutive quarters of flat or declining performance[6] Product and Service Initiatives - Fastenal signed 6,418 weighted FASTBin and FASTVend devices in the first quarter of 2025, with a goal of 28,000 to 30,000 MEUs for the year[10] - Weighted FASTBin/FASTVend installations increased by 12.4% to 129,996 MEUs at the end of Q1 2025 compared to Q1 2024[11] Financial Ratios and Margins - Gross profit margin decreased to 45.1% in Q1 2025 from 45.5% in Q1 2024, impacted by customer mix and increased transportation costs[12] - SG&A expenses as a percentage of net sales increased to 25.0% in Q1 2025 from 24.9% in Q1 2024, with a 3.9% growth in SG&A expenses[14] Cash Flow and Working Capital - Net cash provided by operating activities decreased by 21.8% to 1,278.7 million as of March 31, 2025, compared to March 31, 2024[23] - Inventories increased by 11.9% to 231.8 million from 200.0 million at the end of Q1 2025, representing 5.1% of total capital[30] - Total stockholders' equity increased to 3,616.3 million at the end of 2024[38] Future Investments - The company plans to invest between 285.0 million in property and equipment in 2025, up from $214.1 million in 2024[28]