Fastenal Company (NASDAQ:FAST) Q3 2019 Earnings Conference Call - Final Transcript

Oct 11, 2019 • 09:00 am ET


Fastenal Company (NASDAQ:FAST) Q3 2019 Earnings Conference Call - Final Transcript


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Greetings, welcome to Fastenal Third Quarter 2019 Earnings Results Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I'd now like to turn the conference over to Ellen Stolts from Investor Relations. Ellen you may now begin.

Ellen Stolts

Welcome to the Fastenal Company 2019 third 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 opened 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, A replay of the webcast will be available on the website until December 1, 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

Thanks Ellen, and good morning, everybody, and thank you for joining the Q3 Fastenal earnings call. Just a few observations on the business, as I start out. This is no secret that the industrial marketplace has weakened in the last 12 months. The Blue Team has reacted. I am impressed with the group I call Friends and Associates. They're talented group and that shine through this quarter. My next comment isn't really a trade secret. The third quarter of 2019 had one additional business day. We generated about $21 million per day in revenue. This helps our quarter. I was -- the sarcastic side of me was thinking that perhaps everybody on this call could petition our respective governments about modifying the global calendar to add one business day in every -- in every quarter going through would probably do more for our economy than all the silliness that we typically see coming out of our respected capitals. And I'll leave it at that and no political party has a monopoly on ridiculousness.

All kidding aside, the supply chain for our customers has become more expensive in the last year and a half and more volatile. Our job is really straightforward. We provide Supply Chain Solutions. We challenge the status-quo with both our customer and with our supplier, and trust me, they reciprocate. That's a good constructive balance, a good friction balance. Challenge sometimes means considering a