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The news came after Fastenal reported slim sales and earnings growth for the September quarter. The Winona, Minn.-based distributor of nuts, bolts, hand tools and other supplies continued to be hurt by the downturn in oil.
The 51-year-old Mr. Florness is slated to take up his new duties New Year’s Day. Current CEO Willard Oberton, who relinquishes the role for the second time over the past year, will continue to serve as board chairman.
In July, Fastenal’s then-CEO Leland Hein stepped down after less than seven months and became operating chief. His predecessor, Mr. Oberton, returned to fill the top spot.
Mr. Florness has served as chief financial officer since June 1996 and as an executive vice president since December 2002. Fastenal hasn''t named a new financial chief.
He assumes a company that has suffered from the slowdown in construction and the economic uncertainty. In particular, the year-long swoon in oil prices has pressured Fastenal’s business linked to the energy sector.
Oil prices have been in an extended slump for the past year, and the International Energy Agency, a top energy watchdog, recently said the global glut in the commodity will continue into 2016.
Fastenal underscored Tuesday that its end markets “remain choppy” and that it has faced currency headwinds.
The company added, however, that after several years of holding back on store openings, it planned to pick up its pace of openings in 2016 with a goal of opening 60 to 75 new stores, which represents about a 2% to 3% increase over the latest quarter.
For the quarter, Fastenal reported a profit of $136.5 million, or 47 cents a share, up from $133.3 million, or 45 cents a share. Sales rose 1.5% to $995.3 million.
Analysts polled by Thomson Reuters forecast per-share earnings of 47 cents on revenue of $1 billion.
Shares of Fastenal fell 2.4% to $37.88 in morning trading.
Mr. Florness, in his new position, will collect an annual base salary of $550,000, and he will be eligible for stock options and bonuses tied to earnings performance.
緊固件展-2016第十七屆廣州國(guó)際緊固件及設(shè)備展覽會(huì)-巨浪展覽
-fastener-
fastener&equipment-The17th China(Guangzhou)Int’l Fastener &
Equipment Exhibition
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