Fastenal Company (FAST) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 13, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to the Fastenal First Quarter 2022 Earnings Results Conference Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Ellen Stolts, Investor Relations. Please go ahead.

Ellen Stolts - IR

Welcome to the Fastenal Company 2022 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 one hour, and we'll start with a general overview of our quarterly 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, 2022, 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 & CEO

Thank you, Ellen, and good morning, everybody, and thank you for joining our Q1 earnings call. Before I start, I thought I'd just share a few tidbits from a conversation I had this morning with our regional business unit leaders, our regional vice presidents and our VPs of the business. And I started that by sharing last evening or late yesterday afternoon, my wife and daughter returned from a week long band trip to Florida, marching band.

And as with most high school trips, it involved a 26, well, if you're coming from Winona that is, it involved a 26-hour bus ride down last Wednesday and a 26-hour bus ride back. And I saw a bunch of haggard kids and a handful of haggard adults to get off the bus yesterday about 4:00. And when we got home that evening, I was watching the video, I don't like to watch myself on video, but it's a necessary evil to make sure you present as good a message you can and present it in a style that isn't too painful to watch.