Fastenal Company (Nasdaq: FAST), a wholesale distributor of industrial and construction supplies, announced sales for September were $604 million, a 13.7% increase from the same prior-year period. In addition, sales for the third quarter of 2022 were $1.8 billion, a 16% increase year-over-year.
Don’t miss any content from Distribution Strategy Group. Join our list.
September Results
During September 2022, Fastener sales grew by 15.1%, Safety by 12% and Other Products by 12.9%.
Daily sales in the U.S. grew by 13.7%, sales in Canada and Mexico grew by 19.8%, and sales in other global regions declined by 4.5%. Manufacturing end-market sales rose by 21.5%, while nonresidential construction improved by 1.4%.
Third Quarter Results
Sales for the third quarter were $1.8 billion, and net income was $284.6 million.
The company reports that negative foreign exchange rates and adverse weather in the southeastern U.S. reduced its quarterly growth. However, due to underlying demand in markets tied to industrial capital goods and commodities, the company continued to grow, with net sales rising by 16%.
Fastener daily sales increased 18.2% from the prior-year period and represented 34.1% of net sales. Safety product daily sales increased by 12.4%, and “other” products increased by 15.4%. These categories represented 20.5% and 45.4% of third-quarter net sales, respectively.
Sales through FASTStock made up 11.8% of sales for the quarter; FASTBin/FASTVend sales made up 25.1% of sales. Total sales through the Fastenal Managed Inventory program were $672.8 million, or 36.9% of sales.
