Fastenal Co

Latest Results (17.12.2024):

Revenue Growth

In the third quarter of 2024, Fastenal Co reported a 3.5% increase in net sales compared to the same period in 2023, reaching $1,910.2 million. This growth was supported by an additional selling day in the quarter and a 1.9% rise in net daily sales. The company noted that disruptions from Hurricane Helene slightly impacted sales, while changes in foreign exchange rates also had a minor negative effect.

Profit Margins

Fastenal Co's gross profit for the third quarter of 2024 was $858.6 million, representing a 1.3% increase from the previous year. However, the gross profit margin slightly decreased to 44.9% from 45.9% in the third quarter of 2023. This decline in margin was attributed to a stable pricing environment and a shift in product mix.

Net Income Stability

The company's net income for the third quarter of 2024 was $298.1 million, showing a modest increase of 0.9% compared to $295.5 million in the same quarter of 2023. The diluted net income per share remained stable at $0.52, reflecting a 0.7% increase from the previous year.

Operating Expenses

Selling, general, and administrative (SG&A) expenses for Fastenal Co in the third quarter of 2024 were $470.5 million, up 2.1% from $460.9 million in the third quarter of 2023. These expenses accounted for 24.6% of net sales, slightly down from 25.0% in the previous year, indicating improved operational efficiency.

Outlook and Growth Initiatives

Fastenal Co continues to focus on expanding its Onsite locations and digital solutions. In the third quarter of 2024, the company signed 93 new Onsite locations, contributing to a year-to-date total of 302. Additionally, daily sales through eBusiness grew by 25.6%, representing 30.1% of total sales, driven by significant growth in eProcurement and eCommerce activities.