Fastenal Company (FAST) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 13, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Prepared Remarks:

Operator

Greetings. Welcome to the Fastenal 2023 First Quarter Earnings Results Conference Call. Please note that this conference is being recorded. At this time, I’ll turn the conference over to Taylor Ranta of Fastenal Company. Taylor, you may now begin.

Taylor Ranta - IR

Welcome to the Fastenal Company 2023 first quarter earnings conference call. This call will be hosted by Dan Florness, our President and Chief Executive Officer and Holden Lewis, our Chief Financial Officer. The call will last for up to 1 hour and will start with a general overview of early results and operations, with the remainder of the time being open for questions and answers.

Today’s conference call is a proprietary Fastenal presentation and is being recorded by Fastenal. No recording, reproduction, transmission or distribution of today’s call is permitted without Fastenal’s consent. This call is being audio simulcast on the Internet via the Fastenal Investor Relations homepage, investor.fastenal.com. A replay of the webcast will be available on the website until June 1, 2023 at midnight Central Time.

As a reminder, today’s conference call may include statements regarding the company’s future plans and prospects. These statements are based on our current expectations and we undertake no duty to update them. It is important to note that the company’s actual results may differ materially from those anticipated. Factors that could cause actual results to differ from anticipated results are contained in the company’s latest earnings release and periodic filings with the Securities and Exchange Commission and we encourage you to review those factors carefully.

I would now like to turn the call over to Mr. Dan Florness.

Dan Florness - President and CEO

Thank you, Taylor and good morning everybody and welcome to the first quarter Fastenal earnings conference call. This call is a little different for Holden and I today because we are at the site of our customer expo that just finished up yesterday and really pleased with the event, a lot of great customer engagement. One thing nice about the event this year is some of the natural things that were occurring, obviously, 2 and 3 years ago we didn’t have an event because of COVID. Last year, we had an event, but we had to limit the attendance and also because of international travel, we had to limit the attendance. This year, we didn’t have those restrictions, so we had a great event.