Fastenal, an industrial and construction-supplies maker based in Winona, Minn., revealed a rise in sales during the fourth quarter of last year. The growth was primarily driven by increased sales at their onsite facilities and among their larger clients.
In the quarter ended December 31, Fastenal reported a profit of $266.4 million, equivalent to 46 cents per share. This marked an improvement compared to the same period the previous year when the company earned $245.6 million, or 43 cents per share. Analysts polled by FactSet had predicted earnings of 45 cents per share.
Furthermore, revenue also experienced an increase of 3.7%, reaching $1.76 billion. This exceeded the expectations of analysts polled by FactSet, who had anticipated revenue of $1.75 billion.
Fastenal’s impressive sales growth during the fourth quarter was largely attributed to higher unit sales at their onsite locations, particularly those that were opened in 2022 and 2023. Additionally, the company also benefited from increased business with their larger customers.
Although there was only a modest positive impact from pricing during the quarter, Fastenal noted that pricing levels remained mostly stable throughout.