Fastenal Company (Nasdaq:FAST), Winona, Minn., distributor of industrial and construction supplies, reported sales for the quarter and year ended Dec. 31, 2023.
Fourth-quarter sales were up 3.7% to $1.8 billion from the year-earlier period. Profit was $266.4 million.
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Full-year sales were $7.3 billion, up 5.2%. Profit was $1.2 billion.
Fourth-quarter sales by product category were:
- Down 2.3% for fasteners
- Up 9.4% for safety supplies
- Up 5.3% for other products
End-market sales in the fourth quarter were:
- Up 5.8% for heavy manufacturing
- Up 3.3% in other manufacturing
- Down 7.4% for nonresidential construction
- Down 7.9% in reseller markets
- Up 13.5% for other end-markets
National accounts sales were up 8.5%; non-national accounts fell 3.2%.
Fastenal signed 58 new onsite locations in the fourth quarter of 2023, and 326 new signings for the full year. Daily sales through onsite locations, excluding sales transferred from branches to new onsites, grew at a mid single-digit rate in the fourth quarter of 2023. Daily sales through ecommerce grew 28.3% in the fourth quarter of 2023 and represented 24.8% of total sales in the period.
Fastenal’s digital footprint in the fourth quarter of 2023 represented 58.1% of sales, an increase from 52.6% of sales in the fourth quarter of 2022.
