Fastenal annual sales up by 5.9 percent
Fastenal reported that 2020 sales of $5.6 billion increased by 5.9 percent from $5.3 billion in 2019.
Net earnings of $859.1 million, or $1.49 per share, improved from earnings of $790.9 million, or $1.38 the previous year.
For the fourth quarter, net sales increased by 6.4 percent to $1.4 billion, compared to $1.3 billion in the fourth quarter of 2019. Higher unit sales of safety and janitorial products drove the increase.
"Growth of our product lines other than safety and janitorial, including fasteners, remained negative relative to the fourth quarter of 2019, but improved versus the third quarter of 2020 and through the fourth quarter of 2020, during which we continued to see gradual sequential improvement in general business activity," according to a company statement.
Net earnings for the quarter of $196.1 million, or 34 cents per share, compared to earnings of $178.7 million, or 31 cents, in the fourth quarter of 2019.
Daily sales of fastener products declined 2.3 percent over the fourth quarter of 2019, and represented 30.8 percent of net sales in the quarter. Fasteners represented 33.6 percent of net sales in the fourth quarter of 2019.
Daily sales of safety products grew 34.6 percent over the fourth quarter of 2019 and represented 23.5 percent of net sales in the fourth quarter of 2020. Safety products represented 18.7 percent of net sales in the fourth quarter of 2019.
Daily sales of other products grew 2.1 percent over the fourth quarter of 2019 and represented 45.7 percent of net sales in the fourth quarter of 2020; other products represented 47.7 percent of net sales in the fourth quarter of 2019.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
