Fastenal (Nasdaq: FAST), Winona, Minn., distributor of industrial and construction supplies, reported sales for its third quarter ended Sept. 30, 2024, were up 3.5% from the prior-year period.
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Fastenal experienced higher unit sales in the third quarter of 2024 primarily due to growth with larger customers and Onsite locations, defined as dedicated sales and service provided within or near a customer’s facility, opened in the past two years. Fastenal signed 93 new Onsite locations in the third quarter.
The pricing environment was stable throughout the third quarter, and the impact of product pricing on net sales in the third quarter of 2024 was immaterial.
Daily sales were down 4% for fasteners in the quarter but up for safety supplies (6.8%) and other categories (3.7%). Manufacturing and Other End-Markets sales were up, while sales to Nonresidential Construction and Reseller markets fell in the quarter.
Fastenal attributes the growth in its manufacturing end-markets to the strength of its key account customers with significant managed spend.
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 25.6% in the third quarter of 2024 and represented 30.1% of total sales in the period.
