Posted April 13, 2022

Fastenal Q1 sales up 20.3 percent

Fastenal's first-quarter sales of $1.7 billion increased by 20.3 percent from $1.4 billion in the first quarter of 2021.

Net daily sales increased 18.4 percent in the first quarter of 2022 when compared to the first quarter of 2021, with one more selling day compared to last year's first quarter. "This increase is due to improved unit sales across most products to our traditional manufacturing and construction customers, resulting from continued improvement in business activity," the company said.

Net earnings of $269.6 million, or 47 cents per diluted share, improved from $210.6 million, or 37 cents, in the same period last year.

Fastener daily sales increased 24.6 percent; Safety product daily sales increased 15.3 percent; Other products daily sales increased 14.8 percent.

Daily sales to national account customers increased 22.8 percent in the first quarter of 2022 over the first quarter of 2021. "Most of our national account customers grew in the first quarter of 2022 over the year earlier period, as our sales grew at 92 of our Top 100 national account customers," the company said.

Revenues attributable to national account customers represented 57.1 percent of  total revenues in the period. Daily sales to non-national account customers, which includes government customers, increased 13.0 percent, and represented 42.9 percent of total revenues in the period.

During the first quarter of 2022, Fastenal signed 106 new Onsite locations.

Quarterly sales from Fastenal's FMI Technology reached $610.5 million, an increase of 48.4 percent from $411.5 million in last year's first quarter. Fastenal defines FMI Technology as originating from its FASTStock (scanned stocking locations), FASTBin (infrared, RFID, and scaled bins), and FASTVend (vending devices) offering.

Daily sales through e-commerce grew 55.6 percent in the first quarter of 2022. Revenues attributable to e-commerce represented 16.1 percent of total revenues in the first quarter of 2022.