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Fastenal lifts Q4, FY 2023 sales, earnings

Image: Fastenal

January 18, 2024

Fastenal, a provider in the wholesale distribution of industrial and construction supplies and industrial vending services, lifted its sales and earnings for Q4 and FY 2023 over the prior year periods, according to a press release. Highlights include:

• Net sales increased 3.7% from $1.69 billion in Q4 2022 to $1.76 billion in the quarter ending Dec. 31, 2023. The company experienced higher unit sales in the fourth quarter of 2023 primarily due to growth at onsite locations, particularly those newly opened in 2023 and 2022, and with large customers.
• Net earnings rose from $245.6 million to $266.4 million in the comparative quarters.
• EPS rose from 43 cents to 47 cents on a basic basis and from 43 cents to 46 cents on a diluted basis.
• The company signed 58 onsite locations defined as dedicated sales and service provided from within, or in proximity to, the customer's facility in the fourth quarter of 2023, resulting in 326 new onsite location signings for the full year.
• The company had 1,822 active sites on Dec. 31, 2023, which represented an increase of 12.3% from Dec. 31, 2022.
• Daily sales through onsite locations, excluding sales transferred from branches to new onsite locations, grew at a mid-single-digit rate in the fourth quarter of 2023 over the fourth quarter of 2022.
• Full year net sales rose from $6.98 billion to $7.34 billion.
• Full year net earnings rose from $1.08 billion to $1.55 billion.
• Full year EPS rose from $1.89 to $2.02 on a basic basis and from $1.89 to $2.20 on a diluted basis.

Shares traded at $67.39 today against a 52-week range of $45.42 to $68.69.

The $1.76 billion in quarterly revenue beat analyst expectations by $10 million while the GAAP EPS of 46 cents beat expectations by one cent, according to Seeking Alpha.