Fastenal closes '22 with 16% higher net sales YOY
Fastenal Co. reported it closed 2022 with approximately $6.9 billion in annual net sales, a 16% increase over 2021 results.
Net sales increased nearly $164 million, or 10.7%, in the fourth quarter of 2022 when compared to the fourth quarter of 2021. Gross profit for 2022 was approximately 3.2 billion.
The company's end markets consist of manufacturing, non-residential construction, and other, the latter of which includes resellers, government/education, and transportation/warehousing. The daily sales rate change when compared to the same period in the prior year and the percent of sales in the period were as follows:
Fastenal said it experienced higher unit sales in the fourth quarter of 2022 that contributed to the increase in net sales in the period. This was due to further growth in underlying demand in markets tied to industrial capital goods and commodities, which more than offset softer markets tied to consumer goods and relatively lower growth in construction. Foreign exchange negatively affected sales in the fourth quarter of 2022 by approximately 90 basis points.
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