Hardware

Fastenal boosts Q3 2022 sales, earnings

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October 13, 2022

Fastenal, a provider in the wholesale distribution of industrial and construction supplies and industrial vending services, reported improved Q3 2022 sales and earnings over the prior year period, according to an earnings report.

The company did not take any broad pricing actions in the third quarter of 2022, and price levels in the market remained stable.

The favorable impact of product pricing moderated in the third quarter of 2022 relative to the second quarter of 2022 due to comparisons against initial price events that began in the third quarter of 2021.

Highlights include:

• Net sales rose 16% from $1.55 billion in Q3 2021 to $1.8 billion for the quarter ending Sept. 30, 2022.
• Net earnings rose 16.9% from $243.5 million to $284.6 million in the comparative quarters.
• Both basic and diluted net earnings per share increased from 42 cents to 50 cents.
• The company signed 86 new onsite locations, resulting in year-to-date signings of new onsite locations of 294.
• There were 1,567 active sites on Sept. 30, 2022, which represented an increase of 14.6% from Sept. 30, 2021.
• Daily sales through onsite locations, excluding sales transferred from branches to new onsites, grew at a greater than 20% rate in the third quarter of 2022 over the third quarter of 2021. This growth is due to improved business activity from onsite customers and, to a lesser degree, contributions from the increase in the number of onsites.
• Weighted FastBin/FastVend signings rose 7.8% from 4,813 to 5,187.
• Weighted FastBin/FastVend installations rose 9.9% from 90,493 to 99,409.
• FastBin/FastVend sales rose 29.7%.

The $1.18 billion in quarterly revenue beat analyst expectations by $20 million, while the GAAP EPS of 50 cents beat expectations by 2 cents, according to Seeking Alpha.

Shares traded at $47.19 today against a 52-week range of $43.83-$64.75.