Fastenal’s Vending Business and Other Growth Initiatives Drive Strong 1Q Sales Growth
Although Fastenal’s first-quarter results failed to impress the market, we thought the wide-moat industrial distributor had a nice quarter, which sets a positive tone for the rest of fiscal 2017. Fastenal’s first-quarter sales grew just over 6% year over year, and we think the company can maintain this pace over the next three quarters as the company’s growth initiatives continue to gain traction amid strengthening end market demand. We did not make any material changes to our key valuation assu...Fastenal is engaged in the wholesale distribution of industrial and construction supplies. The company is a distributor of fasteners and related industrial and construction supplies. This includes threaded fasteners, bolts, nuts, screws, studs, and related washers, as well as miscellaneous supplies and hardware, such as pins, machinery keys, concrete anchors, metal framing systems, wire rope, strut, rivets, and related accessories. The company's fastener product line is primarily sold under the Fastenal product name.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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