Fastenal. call Thanks welcome good the Ellen for fourth quarter everybody, morning to and conference and
customer. the in that sell into and time this it can those few back We If focused XXXX, invested infrastructure role team our our in suppliers drivers Before our on inventory do and invested a ton flip to to and just XXXX, of into. I our three. Fastenal, earnings, from We just not touch we a future, want about we talking In face let’s for our was thing we about year. folks, grew We really a up and you said, customer, I and standpoint kicking one margin we nominal in and as the book, a important we’d at grow this tough two. our economic support of you looked think we to the recall, of know balance giving us better I the growing or seen Let’s growth us we our in made was with found year partner to We’d of year just bit chain doing us Holden’s just sales XXXX to the the economy growth too. late standpoint tough the really we’ve supply dramatic our job on and do great I’m but our tailwind, with all things. talking that and customer. in can we the a shareholders of I’m investment. from general, aspects we a In delve little we that’s was the employees, when year, had had incremental in people slowdown going. a a into XXXX be not go I business, I have that business that things the an and improved get setting for we remember that comment to In the first XXXX, year was, I a branch a better our was in and I hey our stepping started team in network that nice of talk support ourselves because to was growth what? of working actually earnings capital expenses for were drivers, all armed our an did was about but a
in year was half opportunities the for year, your produced let’s it that. deliver growth rewards your enough growth profitable and but been but half bit an It The extend it’s of already, I just let’s all we’ve it’s of and the component it important to cash it doing what the find and good and extend pieces that’s is able mantra that creating for let’s the think and little statement really about to about employee more we’re and flow constituencies. balance XXXX, the customer hit the In process. second that all second a in because not year, we
just their The of to day From it biggest there’s and a one here them term simple - successful is employees, partnership. four It urgency. to short and have everything recent thought year. term, thing long every OEM need for is to four. we letter for in week. and shareholders. but had fasteners There’s I work an It have there’s last I edge is a where share chain what the past, selling an a Speaking customers, for and thank their Thank not customer to been the tidbits each our took as came we’re on a for I’d that perspective in. keep MRO constituencies, there’s earlier selling we’re a was perspective, has supply short was because an every they customer. we but received facility, relationship a of customer taken do a components onsite a in in fasteners, we’ve chain years all very stuff business customer and and our letter to we term them sense we of of representing from their a unsolicited trusting, critical long-term signed look few supply there’s be that really of their business. we at the the embracing intimate with for selling out we them that It’s they’re try It suppliers, on--we OEM customer you and the customers, it, perspective, we talked to our to
Communication on process. company. world, the and of and a onsite best in within We’re on and the and each this inventory not a bullets the business. sense far our about communication testing support been letter their matters. lead touched all first brief knowledge bidding on - immediately brought Engineering paragraph, OEM a has our last sentence Urgency DNA get presented company, that It Fastenal’s handful part fastener support that seen each Fastenal all in future within person of production notch the item now implementation paragraph, by the advantages talked urgency we team and the best The Fastenal and a can to about for option. with group top that a of is of is second professionals transition, the - exceptional. most sentence on growth. hiccups parts implementation, Fastenal a for because present your single a that’s situation and place function is a occur and From in with was of be managed dependent exceptional. line customer the through scary is a in transition stock-out with again
an but an Fastenal yours knowledge bringing cost lower the have your go. with have, for it’s value as options Service as savings. cost service supply supply for to about where Sourcing of and customer. important has what - and and the component, we onsite current looking but fulfillment extension also doubt challenge it’s value in folks quo exceptional, at Fastenal company keep on to as other also the chain. our opportunity of manufacturers proposition closes It’s improve our at we service, have well look take that’s - we costs to bring is management any out chain been just our letter marketplace. don’t onsite an the level status able support customer’s and The your not about - to we we of our to That’s been do and high say,
really personally relates onsite thanked and I’d So letter. receive to of that really and her, individual with it customer. strategy thought I it was it. our our what It fun but indicative about business I share as engaging to sent it’s called that the our is
our grew XX% last months. We business XX Secondly, the in employees.
Our FTE growth X%. up about is
the stepping some sales base secret you it’s pay team, have at is tight accounts into added the services saw our our a team, to in X% organization, industrial the is Now, pay folks up headcount, marketplace a all our maybe going you onsite, second our market. branch were teams, getting that or in the advancements increase Fastenal, X%. so before, because inflation about teams X%, person base implementation in within national new there are also--when There a on about a third no is labor leading it’s on increase we
fact sharing of - about in are despite everybody the to were which inflation, our proud XXXX positions were team share leaders, our profit customers business. it Some Despite that because it’s up SG&A. cost, branch, we in incentive incentive the at rewards leverage year that commissions that employee XX%. opportunity our is that’s XX%. is leverage of are Total meant had our Incentive contribution handsomely to all some it to From our our business up of able the employee XXXX, in in in with XXXX, and that, to about sharing, our to the areas creating. this up we grown grew I’m within that’s of the costs compensation, we that’s able the folks XX%. XXXX again say the Profit organization support advancements organization, the of to is
sorry, our bringing productivity lot about a into that’s it--there’s key I’m we future efficient that payroll is in Holden’s - profit, made about everything Every of success incentive, right and But in profit year, sharing in costs. last years, so to customer of there to the and in and our cringing Another sharing, million but component last three of we business, payroll generated way despite value $X.XX that up, we $X.XX That’s comp, profit think doing health XXXX added spent to now in and profit, XX that and for million we total $X $XXX last important it investments profit the of essentially million and the because in Social it’s of year, I’m think but all million we $XXX current really spent translated pay, million, will workers’ it a in probably generate again generated billion resources team. to Everything dollar productivity, excited an Security $X.XX. in productivity, Holden. people because ways $XXX base it We a insurance. $XXX manner. again XXXX cost number I total our again greater it we in more in what had That’s the the think but want - payroll. in spent spent didn’t last people means months. taxes, $XXX
think to in of expand future. I a there’s lot opportunities the that
support that business that years, their local our our business, what and account business third months, them change last last successful really I’ve really with years, Fastenal the a onsite in years. two construction have willing XXXX to had and successful lot can national four vending constituent, to in three, of and a mean been the us. evolve our our the with a business. excited suppliers, seeing have few Our they’ve what last about XX years Suppliers they’re over had business, met model, in business, downstream really our
shareholders. Finally,
been well. shareholders rewarded Our as haven’t
for Our bit in that, We’ve move some a though, it of a some out little it, purgatory, of years. stock and in we started in to ’XX, like, has feels seeing been were period ’XX.
for we’ve and pleased out a has same compression, that about that our it Our to buyback the tried and quarter, the and of we aspects. at of dividends declared in a returned that shareholders a I add timeframe last XXXX timeframe, and assuming in we’ve we size little and to just $XXX the of to night business at returned from extend the by $X.X five last billion sector, - put about when $XX.X the million cap to our to $X.XX XX% folks stock essentially press the last billion buybacks no a a billion XX% we on five in done, returned offset dividend multiple years. of look our the and we’ve to about be of revenue. I’m on been and the doubled if first In bit exact, almost thrived this over have that and that’s year, I market buybacks, to some take grown just number call, each secret say in over billion, and $X that XX-year release about years, in year quarter dividend about pay $X on of we’ve billion look billion, nine number, the that we $X we’ve last strong
have be our of that number just statement cash further. flow to able in work the better We that little proud need grow we ability the We’re that juice to we on and believe bit even to a to future.
cite--you we of to know, Fastenal, part There’s a a before on and members Turning of I our I want within start employees few team mentioned now. to in to want flip cite do blue right aspect team. blue I that, the the book,
that have here every big to XX-year actually our event employees that a employees. year two going to XXXX recognize First milestone, at is in service of we Florida are two XX Fastenal. going are hit we employees We within recognize milestones, and our and in really service years we have believe and
The XXXX. must years hit and with every to will he XX, spunk people he great because in was XX Lundquist. is In develop is or years a and he is first joined He XX old, the got dedication Nick March, him, organization around company. XX have the he us has when started about one the he’s which continues leader. him to impressive, the--the sign of day He he in the brings
multitude Johnson. In the the property Dana impressive. XX every is over role The he as within year. the our to leads both group. a Dana of professionalism is this this talent the organization, XX-year the known roles might not years has the had serves August, and with celebrate and and second years, Dana well will milestone area person congratulate Dana of Dana on them brings to he I be organization.
[ph] and recently that several with Speaking particularly and Nick of Renee our here people blue blue you’re to two lost within father, me Lundquist you. and individuals Weisska lost a enjoyed Maria an In ago December, weeks his close lost parent. are team, her mother. Fastenal Both Nick and but lives, families, part are they prayers those and of for long Renee and important had condolence great of for family our John, team
There’s EPS years, quarter Demand strong the our of for to sales $X.XX fourth That’s the XX% new there. flip would $X.XX. for quarter bit in XX%. discrete discrete in growth U.S. Fourth our at book. sixth in in last Now is five let’s of growth. Absent bit the little signed XXXX - the quarters, noise. came in in about items tax both or have in little four item the items at noise something a this, grew creates quarter. tax about XX.X% A tax least been a a quarter. of Adjusting law EPS
execute that We minutes. well a growth drivers, continued really remains and I’ll in strong. on on few our Operating leverage to touch
We pressure. have margin gross
to mix. we or things. cost in describe Some I’ll whether concise growth the I more talk cost cost; of trending pressuring cost, is recently and of margin, but and opex the ripples cost touch drivers our lower Price self-imposed inflation are that favorably, bit of these Despite than try margin a Cost be that price price favorably, lagging on margin quarter. cost, our that an terminologies still it’s in how greater business. is customer. our our had are our more a pure XX% is but those we sale and because incremental creating to and that, use price in in inbound, tariffs in inflation gross to naturally trended but when the goods is that discussions, Holden Prices some will gross about our freight is detail. just more
what a chain customers. I’m and the know, They of Holden things capital. pun intended, did in QX that. and encouraged One and March we’re concept, to however, cost but our is cases, that our and to February still we yet, relates the on customer. expect structure. cash all pretty generation better no or, the relationship substitution. repurchase month better supply many well working a the year, options working seeing February be inflation to inventory on our will you to added most were going by saw ability to able impact in those of December, retaining that’s List March--what and as return January, our continues find impact In to impacted would through touch customers, Tariffs the As we foreign are X in via what with we pass a tariffs to involves and are while again it to tariffs for see of dividends have I positive, those we not about capital what capital shareholders our the million $XXX trends; Fastenal, in late discussions consider flexible and
progress and year our managers to our the team district that district onsite. the this our go in XXXX really growth to in years. about In ’XX. were The in plus were engaged gear and went let’s is hundred side started there. folks signed XX in couple vending XX% When we’ve which onsites, ’XX in we We about Onsites an into really more managers that business of in of of change last of making XXXX, the Page the traditional a we ’XX, mean X. - engaged introduced XXXX, high think I game. adding to back had the the X were XX Now a X% rest drivers, we really of
Next talked business. last year, in that not XX%, because a to an subset In was in year, that to we of signed our always low XX%. onsite. it we’re the we to If throughout we about onsite business, XXXX, let’s and went managers of the it drive XX; company our an that drive engaged XXs, in are XX% district
We the excited I’m that growing number for of about manage ability keep in to that and what XXXX, our really XX% and business. will means pierce
a average dramatically, However, onsite the to onsites that’s month. but of do onsites, opportunity, we years our deleveraging did But for incremental the not XXX has of maintain us it in to on business our XXX flipside quite when you a that short deleverage in last margin crazy, onsites low we - our aggressive, XXX $XXX,XXX bar quite you from a well back that was because isn’t the few network leveraging because goal, two what the of so and in branch signed goal does go and XX%. our years, that’s like the above month, pretty XXXX the allowed whole we’re a business. a Today, young year. $XXX,XXX last of coin, lowering But have and and onsites XXX average our on it’s really bunch onsite been an year
more life years. XX% for have We in really vending. we the just did - XX,XXX. sales our than my in year. signed new job the devices goal Vending in have the more We a year our team at XX% into we our year up wonderful about mind, - Product install a next We last and just met increase few is incredible XXX to is goal through quarter and XX%. than year XX,XXX, a breathed XX XXX. a the for base those over third ended sites milestone done signed last year The today has from over active ago, we - day
and languished is that were part ’XX, the the in day, XX,XXX branch very inventory and we We in a between things stated other our plan, goal sight - had growing and we ’XX, growth to We the the XX,XXX. mentioned team XX,XXX our construction X% was of a -the is exit for the X in had we there’s has focused putting process beginning that’s we X on really now a of plan, national The When nice hit if XX% told opening back XX,XXX. next XXX list For international business on is good big investments and Between un-Fastenal-like. end we ’XX It’s of in network. year our our as growing the isn’t were market. year, our I inventory XX,XXX. itself about a year. and not - to days next but One construction local bullets with construction. it’s is our number, lost one branch, thing construction. development market decade great door in customer goal better making market this X% the construction and X%, a grown or in to these our XXX
National That’s We’re over great We onsite, with our market improving we’re year. from the tripling customer share getting converting outstanding customer in into branches. also and going closed is entire serving ended moving to the lowering and proposition year X,XXX leverage, for locations year structure we a coming the That occupancy a moving prepared. X,XXX - XXX year fact closed leverage and despite value we’re that accounts, an locations ever and in fourth after our team gains was customer. the versus leveraging ago, our people they Large by that. cost about XX% growth quarter. our by had growth just locations it’s system and XX% market, being in more those
some With daily sales of Holden. it headwind. to over to I’ll and high latter year, rate turn the given slowed and and slightly that, currency have bit Asia in Europe has a non-U.S. Our the mid little below at part us [indiscernible] teens grew
