Fastenal 2Q sales up 10.3 percent
A surge in sales of PPE items at Fastenal Company during the second quarter resulted in a 10.3 percent gain in sales to $1.5 billion.
Net earnings of $239 million, or 42 cents per share, increased 16.7 percent from earnings of $205 million, or 36 cents, in the same period last year.
"There was significant variation in our sales patterns through the second quarter of 2020. Sales of surge-type PPE were steady at high levels in April and May, before beginning to taper slightly in June. As we enter the third quarter of 2020, and as the chaos surrounding the pandemic and our pipeline of orders lessens, we expect surge-type orders to decline," according to a company statement announcing the quarterly results.
From a product standpoint, fastener daily sales declined 16.4 percent in the quarter compared to last year, and accounted for 26.0 percent of total sales; fasteners represented 32.9 percent of sales in the first quarter of 2020 compared to 34.5 percent of total sales in the second quarter of 2019. Safety daily sales, including PPE, grew 116.3 percent in the second quarter of 2020 over the second quarter of 2019 and accounted for 34.0 percent of total sales; safety represented 19.8 percent and 17.5 percent of total sales in the first quarter of 2020 and the second quarter of 2019, respectively.
June sales of $524.4 million increased 20.4 percent from $435.3 million in June 2019. June daily sales of $23.8 million gained 9.5 percent from $21.8 million last year. Click here for more on June sales results.
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