Hardware

Fastenal lifts Q1 2023 results boosted by industrial demand

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April 13, 2023

Fastenal Co., a provider of wholesale distribution of industrial and construction supplies and industrial vending services, lifted its Q1 2023 sales and earnings, driven by rising demand in industrial goods and commodities markets, according to a press release. The company experienced higher unit sales in the first quarter of 2023 due to growth in underlying demand in markets tied to industrial capital goods and commodities, which more than offset a modest contraction for construction supplies. Foreign exchange negatively affected sales in the first quarter of 2023 by approximately 70 basis points.

Highlights include:

• Net sales increased 9.1% from $1.7 billion in Q1 2022 to $1.86 billion in the quarter ending March 31, 2023.
• Net earnings rose 9.5% from $269.6 million to $295.1 million in the comparative quarters.
• Net EPS rose 10.4% from 47 cents to 52 cents.
• The company signed 89 new onsite locations defined as dedicated sales and service provided from within, or in proximity to, the customer's facility.
• The company had 1,674 active sites on March 31, which represented an increase of 16.3% from the prior year period.
• Daily sales through onsite locations, excluding sales transferred from branches to new onsites, grew roughly 20%.
• FastBin/FastVend signings rose 10.8% from 5,329 to 5,902.
• FastBin/FastVend installations rose 10.9% from 94,425 to 104,673.
• The number of FastBin/FastVend sales rose 22.2% from 412 to 503.7.

Shares traded today at $51.46 against a 52-week range of $43.73-$59.06.

The quarterly revenue of $1.86 billion missed analyst expectations by $10 million while the GAAP EPS of 52 cents beat expectations by one cent, according to Seeking Alpha.