Fastenal's 2Q sales flat
Fastenal said its second-quarter sales decreased 0.1 percent to $1.507 billion from $1.509 billion in the same period last year.
Sales of PPE and sanitation products during the height of the coronavirus pandemic were considerably higher in 2020 compared to this year. While sales to manufacturing and construction customers grew 21.5 percent in this year's second quarter, the fall-off of pandemic-related sales from the same quarter in 2020 resulted in flat overall sales
"The net effect on sales of these two trends - reduced sales of surge-related product, but improved manufacturing and construction demand - were mostly offsetting," the company explained in comments accompanying its financial results.
Daily sales remained at $23.6 million for the period.
Net earnings of $239.9 million, or 42 cents per share, improved from $238.9 million, or 42 cents, in last year's second quarter.
Daily sales to national account customers increased 1.4 percent in the second quarter of 2021 over the second quarter of 2020. Most national accounts customers grew in the second quarter of 2021 over the year earlier period, as reflected by growth at 71 of Fastenal's Top 100 national account customers.
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