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Mar 31, 2024
Fastenal Q1 2024 Earnings Report
Fastenal's financial results for the quarter ended March 31, 2024, were announced.
Key Takeaways
Fastenal Company reported a 1.9% increase in net sales for the first quarter of 2024, with net sales reaching $1,895.1 million. Net income increased by 0.9% to $297.7 million, while diluted net income per share remained unchanged at $0.52.
Net sales increased by 1.9% compared to the first quarter of 2023, totaling $1,895.1 million.
Daily sales through Onsite locations grew at a low single-digit rate.
eCommerce daily sales increased by 33.6% and represented 28.6% of total sales.
The company signed 102 new Onsite locations in the first quarter of 2024, bringing the total to 1,872 active sites.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company's goal for Onsite signings in 2024 remains between 375 to 400. The goal for weighted FASTBin and FASTVend device signings in 2024 remains between 26,000 to 28,000 MEUs. During the full year of 2024, the company continues to expect its investment in property and equipment, net of proceeds from sales, to be within a range of $225.0 to $245.0.
Positive Outlook
- Onsite signings goal between 375 and 400.
- Weighted FASTBin and FASTVend device signings goal between 26,000 and 28,000 MEUs.
- Investment in property and equipment expected to increase.
- Increase in spending for facility construction and upgrades.
- Higher outlays for FMI hardware reflecting higher targeted signings and a slight build in device inventory.
Challenges Ahead
- Potential risks and uncertainties detailed in the company's most recent annual and quarterly reports.
- Factors that could cause actual results to differ from those discussed in the forward-looking statements.
- No guarantee can be given, and actual results may vary materially.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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