Fastenal's 3Q sales up 16 percent
Fastenal Company reported sales of $1.8 billion for the third quarter, an increase of 16 percent compared to $1.5 billion in the same period last year.
Net earnings of $284.6 million, or 50 cents per diluted share, improved from earnings of $243.5 million, or 42 cents, in last year's third quarter.
"The overall impact of product pricing on net sales in the third quarter of 2022 was 550 to 580 basis points compared to the third quarter of 2021. The increase is from actions taken over the past twelve months intended to mitigate the impact of marketplace inflation for our products, particularly fasteners, and transportation services. We did not take any broad pricing actions in the third quarter of 2022, and price levels in the market remained stable," the company said.
Sales of fasteners increased by 18.2 percent in the quarter, while sales of safety supplies grew by 12.4 percent.
Sales to manufacturing customers improved by 22.6 percent, while sales to non-residential construction customers increased by 5.2 percent.
National account sales increased by 20.8 percent, while non-national account sales grew by 9.9 percent.
The Winona, Minnesota-based distributor signed 86 new Onsite locations in the third quarter of 2022, resulting in year-to-date signings of new Onsite locations of 294.
Fastenal separately reported that sales in September of $604.4 million increased by 13.7 percent from $531.5 million in September 2021. Daily sales of $28.8 million compared to daily sales of $25.4 million a year ago.
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