Fastenal Company (Nasdaq:FAST), Winona, Minn, wholesale distributor of industrial and construction supplies, reported sales for its fiscal 2022 first quarter ended March 31, 2022, were $1.7 billion, up 20.3% from the prior-year period.
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Net profit for the quarter was $269 million, up 28%.
Sales growth was attributed to ongoing underlying demand for manufacturing and construction equipment and supplies.
Fastenal said the overall impact of product pricing on sales in the first quarter was 580 to 610 basis points, which reflects pricing actions taken in 2021 and the first quarter of 2022 to mitigate the impact of inflation for products, particularly fasteners, and transportation.
Fastener daily sales increased 24.6% year over year and represented 34.3% of sales. Safety product daily sales increased 15.3% over the first quarter of 2021 and represented 21% of sales. Other products daily sales increased 14.8% and represented 44.7% of sales in the first quarter of 2022.
Daily sales to national account customers increased 22.8%. Revenues attributable to national account customers represented 57.1% of total revenues in the period. Daily sales to non-national account customers, which includes government customers, increased 13% in the first quarter. Revenues attributable to non-national account customers represented 42.9% of total revenues in the period.
