Several firms reported double-digit increases in sales and earnings for the first quarter of 2004 over first-quarter 2003. A sampling of these forecasts follow.

Fastenal net earnings increase tops 47 percent Fastenal Co., Winona, Minn., saw a sales increase of 20.5 percent in the recent quarter that ended March 31. Net earnings increased from $19 million in the first quarter of 2003 to $28 million in the first quarter of 2004. Net sales for the same period also increased to $284 million from net sales of $235.8 million in the first quarter of 2003. Gross profit margins in the first quarter of 2004 and 2003 were 50.3 percent and 49.5 percent, respectively. During the first three months of 2004, Fastenal opened 49 new sites. Rising steel prices had the largest impact on gross profit margins. As a reseller of industrial products, primarily steel-based industrial products, Fastenal has been forced to increase its selling prices. These increases resulted in approximately 2 percent of additional sales dollars in the first quarter of 2004.

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