Fastenal's sales climb 18 percent
Fastenal Company said its second-quarter sales increased 18 percent to $1.8 billion, compared to $1.5 billion in last year's second quarter.
"The second quarter of 2022 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," according to a company statement.
Net earnings of $287.1 million, or 50 cents per diluted share, increased from $239.7 million, or 42 cents, in the same period last year.
Fastener daily sales increased 21.2 percent over the second quarter of 2021, and represented 34.6 percent of net sales; fasteners represented 33.6 percent of net sales in the second quarter of 2021. Safety product daily sales increased 13.8 percent over the second quarter of 2021 and represented 20.3 percent of net sales; safety products represented 21.0 percent of net sales in the second quarter of 2021. Other products daily sales increased 17.0 percent and represented 45.1 percent of net sales in the second quarter of 2022; other products represented 45.4 percent of net sales in the second quarter of 2021.
Daily sales to manufacturing customers increased 23.1 percent in the quarter. Daily sales to non-residential construction customers increased 10.8 percent.
Fastenal signed 102 new Onsite locations (defined as dedicated sales and service provided from within, or in close proximity to, the customer's facility) in the second quarter of 2022, resulting in year-to-date signings of new Onsite locations of 208.
Daily sales through eCommerce grew 52.7 percent in the second quarter of 2022 and represented 17.1 percent of total revenues in the period.
INDUSTRIAL SUPPLY MAGAZINE
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