Menu
Posted January 18, 2024

Fastenal reports 3.7% net sales increase

Fastenal reported net sales increased $63.0, or 3.7%, in the fourth quarter of 2023 when compared to the fourth quarter of 2022. The number of business days were the same in both periods. We experienced higher unit sales in the fourth quarter of 2023 primarily due to growth at our Onsite locations, particularly those newly opened in 2023 and 2022, and with large customers. Foreign exchange positively affected sales in the fourth quarter of 2023 by approximately 10 basis points as compared to negatively affecting sales in the fourth quarter of 2022 by approximately 90 basis points.

The impact of product pricing on net sales in the fourth quarter of 2023 was modestly positive, consistent with historical trends, as compared to the impact of product pricing on net sales in the fourth quarter of 2022 of 350 to 380 basis points. Incremental pricing actions over the past twelve months have been modest in scope, resulting in mostly stable price levels through the fourth quarter of 2023.

PERFORMANCE SUMMARY

 

Twelve-month Period

 

Three-month Period

 

2023

 

2022

 

Change

 

2023

 

2022

 

Change

Net sales

$ 7,346.7

 

6,980.6

 

5.2%

 

$ 1,758.6

 

1,695.6

 

3.7%

Business days

253

 

254

 

 

 

62

 

62

 

 

Daily sales

$ 29.0

 

27.5

 

5.7%

 

$ 28.4

 

27.3

 

3.7%

Gross profit

$ 3,354.5

 

3,215.8

 

4.3%

 

$ 799.4

 

768.4

 

4.0%

% of net sales

45.7%

 

46.1%

 

 

 

45.5%

 

45.3%

 

 

Operating and administrative expenses

$ 1,825.8

 

1,762.2

 

3.6%

 

$ 445.5

 

435.4

 

2.3%

% of net sales

24.9%

 

25.2%

 

 

 

25.3%

 

25.7%

 

 

Operating income

$ 1,528.7

 

1,453.6

 

5.2%

 

$ 353.9

 

333.0

 

6.3%

% of net sales

20.8%

 

20.8%

 

 

 

20.1%

 

19.6%

 

 

Earnings before income taxes

$ 1,522.0

 

1,440.0

 

5.7%

 

$ 354.2

 

328.2

 

7.9%

% of net sales

20.7%

 

20.6%

 

 

 

20.1%

 

19.4%

 

 

Net earnings

$ 1,155.0

 

1,086.9

 

6.3%

 

$ 266.4

 

245.6

 

8.5%

Diluted net earnings per share

$ 2.02

 

1.89

 

6.7%

 

$ 0.46

 

0.43

 

8.4%

Note – Daily sales are defined as the total net sales for the period divided by the number of business days (in the United States) in the period.

 

DSR Change

Three-month Period

 

% of Sales

Three-month Period

 

2023

2022

 

2023

2022

Fasteners

-2.3%

9.1%

 

31.1%

33.0%

Safety supplies

9.4%

10.7%

 

22.5%

21.3%

Other

5.3%

12.1%

 

46.4%

45.7%

Read more details here.

INDUSTRIAL SUPPLY MAGAZINE

The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.

Read The Articles Read The Digital Edition
sponsored by Tompkins Industries

SPONSORED ADS