Fastenal 2021 sales up by 6.4 percent
Fastenal Company reported that its 2021 annual sales of $6.0 billion increased 6.4 percent from $5.6 billion the previous year.
Net earnings of $925 million, or $1.60 per diluted share, improved from earnings of $859.1 million, or $1.49, in 2020.
In the fourth quater, net sales increased 12.8 percent to $1.5 billion, compared to $1.4 billion in the fourth quarter of 2020.
There was one fewer selling day in the 2021 quarter compared to the year earlier period, meaning net daily sales growth increased 14.6 percent in the fourth quarter of 2021 when compared to the fourth quarter of 2020.
"The fourth quarter of 2021 continued to experience strong, economically-driven growth in underlying demand for manufacturing and construction equipment and supplies, which drove higher unit sales that contributed to the increase in net sales in the period. This strength was aided by fewer holiday-related customer facility shut-downs than we typically experience," according to a company statement.
Pandemic-related effects were still evident when comparing product mix in the fourth quarter of 2021 to the fourth quarter of 2020, though these impacts have moderated versus what was experienced at the height of the pandemic. Fastener daily sales increased 24.2 percent over the fourth quarter of 2020, and represented 33.5 percent of net sales. Fasteners represented 30.8 percent in the fourth quarter of 2020 and 33.6 percent of net sales in the fourth quarter of 2019.
Improvement in daily sales from the fourth quarter of 2020 reflected higher manufacturing and construction demand, and higher product prices. Safety product daily sales increased 3.5 percent from the fourth quarter of 2020 and represented 21.4 percent of net sales; safety products represented 23.5 percent of net sales in the fourth quarter of 2020 and 18.7 percent of net sales in the fourth quarter of 2019.
Daily sales through eCommerce grew 45.2 percent in 2021 and grew 48.2 percent in the fourth quarter of 2021. Revenues attributable to eCommerce represented 15.0 percent of total revenues in the fourth quarter of 2021.
INDUSTRIAL SUPPLY MAGAZINE
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