Fastenal Company (NASDAQ:FAST) Q2 2019 Earnings Conference Call Transcript
Jul 11, 2019 • 10:00 am ET
Greetings. Welcome to the Fastenal Company Second Quarter 2019 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) Please note this conference is being recorded.
I would now like to turn the conference over to Ellen Stolts, Investor Relations. Ms. Stolts, you may now begin.
Welcome to the Fastenal Company 2019 second 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 will 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 September 1st, 2019, 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.
Daniel L. Florness
Thank you, Ellen, and good morning everybody. Before I start, I just want to share a thought with the Group. And I had the distinct pleasure over my 23 years at Fastenal to have worked with some really fine people. And two of them I mentioned are original CEO, Bob Kierlin, and his successor, Will Oberton, two individuals that I think were stellar in the role, and I learned a tremendous amount from and not only were they great at their role, they were really good people. I remember back in, I believe it was 1998 October, and our business growth dropped in one month about a third, we went from 20-some percent growth, we dropped 10 point, I think we went from 27% to 17%, don't quote me on that, but I think that's what it was. And we did six simple things. And if you want to -- if you are a CEO out there and you want to know six things to do in a time like this, these are really useful.
The first thing you do is you take a step back, you revisit your long-term priorities. These priorities should center on your goals or something is wrong to start with, but you take a look at your priorities.