Fastenal 1Q13 Earnings Call Notes

posted in: Notes | 0

This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. The quotes are generally pieces of information that I find interesting or helpful to understanding the company, industry or economy and are not meant to provide summaries of the full content of the call. Other posts in this series can be found by clicking here. Full transcripts can be found at Seeking Alpha.

$FAST Earnings Call Notes

“It’s not just the late spring, it’s the fact that last year we had a very early spring. And I was talking to one of our district managers in the northern region. And in March, he said his business was down 15% over last year, lost business because the construction hadn’t started up. And last year, it rolled in 6 weeks early. So March, there’s an impact. And if you look at the weather this week, major winter storm coming all the way from Colorado. I mean, we have stores shut down all over the place in Nebraska today. Minnesota is going to be shut down this afternoon. We’re supposed to get 14 inches of snow in Minneapolis. So it’s just a different weather pattern, and construction is greatly affected by that. But it should all work out over time.”

“I had the chance to spend with customers, large customers, current customers. And there is just a general feeling of caution in the market. There’s no question about it. When you talk to our suppliers, when you talk to our current customers — now, I am talking about customers we’ve had relationships for years, and some of our National Accounts, there is just a general feeling and there is a concern with the state of the economy.”

“we’re not going to give up on the big picture because even if we did get into a recession, we found that that’s a good time to invest and a good time to take market share.”