Fastenal Company (Nasdaq: FAST), Winona, Minn., a distributor of industrial and construction supplies, reported sales for its fiscal 2023 second quarter were $1.88 billion, up 5.9% from the prior-year period.
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Profit for the quarter was $298 million, up 3.8% from the prior-year period.
Fastenal also reported sales for its first six months of 2023 were $3.74 billion, up 7.5% from the first six months 2022. Net income for the first six months totaled $593.1 million, up 6.6% from the prior-year period.
Fastener sales were flat, safety supplies were up 7.9%, and other supplies were up 9.8%. Manufacturing end-market strength was offset by weakness in nonresidential construction and other markets. Daily sales through ecommerce grew 44.7% in the second quarter.
Manufacturing made up 74.8% of sales for Fastenal, non-residential construction totaled 9.2%, and other totaled 16% of sales.
