Hardware

Fastenal boosts Q2 2023 sales, earnings

Logo provided.

July 13, 2023

Fastenal, a provider of industrial and construction supplies and supply vending services, lifted its Q2 2023 sales and earnings over the prior year period as customer demand for its services keeps expanding, according to an earnings report. Highlights include:

• Net sales rose 5.9% from $1.77 billion in Q2 2022 to $1.88 billion in the quarter ending June 30, 2023.
• Net earnings rose 3.8% from $287.1 million to $298 million in the comparative quarters.
• Basic and diluted net EPS both rose from 50 cents to 52 cents.
• The company experienced higher unit sales primarily due to growth at onsite locations, particularly those opened in the last two years, which more than offset lower revenues in construction and reseller end markets. Foreign exchange negatively affected sales in the second quarter of 2023 by approximately 40 basis points.
• The company signed 86 new onsite locations, resulting in 175 year-to-date signings of new onsite locations. There were 1,728 active sites on June 30, 2023, which represented an increase of 15.1%.
• Daily sales through onsite locations, excluding sales transferred from branches to new onsites, grew at a high-teens rate.
• Fast Bin/Fast Vend sales rose 20.2% from 433.3 to 520.6.

Shares traded at $56.88 today against a 52-week range of $43.73 to $59.43.

The $1.88 billion in quarterly revenue missed analyst expectations by $10 million, while the GAAP EPS of 52 cents was in line with expectations, according to Seeking Alpha.