Hardware

Fastenal boosts Q1 2022 sales, earnings on rising manufacturing, construction business

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April 13, 2022

Fastenal Co., a provider in the wholesale distribution of industrial and construction supplies and industrial vending services, reported double-digit sales and earnings gains for Q1 2022, according to an earnings report.

Key insights include:

• Net sales increased 20.3% from $1.417 billion in Q1 2021 to $1.704 billion for the quarter ending March 31, 2022.
• Net earnings rose 28% from $210.6 million to $269.6 million, while both basic and diluted net earnings per share rose 27.8% from 37 cents to 47 cents.
• Daily sales increased 18.4% in the comparative quarters due to improved unit sales across most products to traditional manufacturing and construction customers.
• The net daily sales growth also benefited from the absence of last year's adverse weather.
• During the first quarter of 2022, the company signed 106 onsite locations, defined as dedicated sales and service provided from within, or in close proximity to, the customer's facility. There were 1,440 active sites on March 31, 2022, which represented an increase of 12.1% from March 31, 2021.
• Daily sales through onsite locations, excluding sales transferred from branches to new onsites, grew at better than the 20% rate in the comparative quarters due to improved business activity from onsite customers.

The signings in the first quarter of 2022 represent a record number for any quarter and a substantial improvement on first quarter signings over the prior two years.

Shares traded at $59 today against a 52-week range of $48.84-$64.75.

The company declared a 31-cent dividend payable May 25 for shareholders of record as of April 27.