Fastenal Company (Nasdaq:FAST), Winona, Minn., distributor of industrial and construction supplies, announced sales for 2022 were $6.9 billion, up 16.1% from 2021.
Profit was $1.1 billion.
In the fourth quarter 2022, sales were $1.69 billion, up 10.7% from the prior-year period due to higher unit sales. Fastenal saw growth in underlying demand in markets tied to industrial capital goods and commodities, offsetting softer markets tied to consumer goods and lower growth in construction.
The impact of product pricing on sales in the fourth quarter 2022 was 350 to 380 basis points.
In the fourth quarter, sales for fasteners were 33% of sales, safety supplies 21% and other 45.7%.
National accounts made up 59% of sales for Fastenal in the fourth quarter.
Fastenal signed 62 new onsite locations (dedicated sales and service provided from within or near the customer’s facility) in the fourth quarter of 2022, resulting in full-year signings of 356.
Fastenal’s FMI Technology installations/signings (scanned stocking locations, bins, vending devices) made up 36.7% of sales in 2022, or $2.6 billion, up 33.3% from 2021.