Fastenal Company (Nasdaq:FAST), distributor of industrial and construction supplies, reported sales for its third quarter ended Sept. 30, 2023, were up 2.4% from the prior-year period.
Fastenal experienced higher unit sales in the third quarter of 2023 primarily due to growth at Onsite locations, defined as dedicated sales and service provided within or near a customer’s facility, particularly those opened in the last two years. Fastenal signed 93 new Onsite locations in the third quarter.
The impact of product pricing on net sales in the third quarter of 2023 was modestly positive, consistent with historical trends.
Daily sales were down 2% for fasteners in the quarter, but up for safety supplies (9.2%) and other categories (6.8%). Manufacturing and Other End-Markets sales were strongest, while sales to Nonresidential Construction and Reseller markets fell in the quarter.
Daily sales through its ecommerce business, sales made through an electronic data interface (EDI) or other types of technical integrations, and through web verticals, grew 41.3% in the third quarter of 2023 and represented 24.5% of total sales in the period.
Profit in the third quarter of 2023 was $295.5 million, an increase of 3.8% compared with the third quarter of 2022.
Year to date, sales were $5.6 billion, up 5.7%. Profit was 888.6 million.