Fastenal Q3 2022 Earnings Report
Key Takeaways
Fastenal Company reported a 16.0% increase in net sales for the third quarter of 2022 compared to the same period in 2021, with diluted net earnings per share increasing from $0.42 to $0.50. The growth was driven by strong demand in markets tied to industrial capital goods and commodities, which offset softer markets tied to consumer goods and relatively lower growth in construction. The company also saw growth in sales to national account customers and through its FMI Technology and eCommerce platforms.
Net sales increased by 16.0% compared to the third quarter of 2021, reaching $1,802.4 million.
Diluted net earnings per share rose to $0.50, up from $0.42 in the third quarter of 2021.
Daily sales through Onsite locations grew at a rate greater than 20% compared to the third quarter of 2021.
The Digital Footprint, comprising sales through FMI and eCommerce, increased to 49.5% of total sales, up from 43.7% in the third quarter of 2021.
Fastenal
Fastenal
Forward Guidance
The company anticipates weighted FASTBin and FASTVend device signings in 2022 in a range of 21,000 to 23,000 MEUs and expects investment in property and equipment to be within a range of $170.0 to $190.0.