Fastenal 3Q sales rise 10 percent
Fastenal Company reported sales of $1.55 billion for the third quarter, a 10 percent increase from $1.41 billion in the same period last year.
Net earnings of $243.5 million, or 42 cents per share, compared to earnings of $221.5 million, or 38 cents, in last year's third quarter.
"The third quarter of 2021 continued to experience strong growth in underlying demand for manufacturing and construction equipment and supplies, which drove higher unit sales that contributed to the increase in net sales that we experienced in the period," according to a company statement. "This growth was slightly limited by slower growth or contraction in sales of certain products to certain end markets related to the COVID-19 pandemic when compared to the third quarter of 2020."
Daily sales through e-commerce grew 43.4 percent in the third quarter of 2021. Revenues attributable to e-commerce represented 13.9 percent of total revenues in the quarter.
Fastenal continues to experience pressure related to material and transportation cost inflation, particularly acute for fasteners and overseas shipping. "Pricing actions taken throughout 2021 as part of our strategy to mitigate the impact of marketplace inflation on our gross margin percentage contributed to the increased impact of net pricing on sales in the third quarter of 2021," the company said.
The Winona, Minnesota-based distributor closed 63 branches during the quarter and signed 75 new Onsite locations.
September sales up 11.1 percent
In a separate announcement, Fastenal said its September sales of $531.5 million increased 11.1 percent from $478.6 million in September 2020.
Daily sales of $25.3 million improved from $22.8 million last September.
During the month, sales to manufacturing customers increased by 20.1 percent, while sales to non-residential construction customers grew by 11.7 percent.
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