Fastenal sees double digit gains in Q2

Construction products distributor expands its onsite reach.

Fastenal, the Winona, Minn.-based distributor of industrial and construction supplies, reported $1.78 billion for its second quarter ended June 30. That marks a gain of 18.0. percent ahead of the prior-year quarter.

“The second quarter of 2022 continued to experience strong, economically-driven growth in underlying demand for manufacturing and construction equipment and supplies, which drove higher unit sales that contributed to the increase in net sales in the period,” the company stated.

Net earnings for the company increased 19.8 percent in the quarter to $287.1 million.

Also in the second quarter, the company signed 102 new Onsite locations  —defined as dedicated sales and service provided from within, or in close proximity to, the customer's facility.  So far this year, Fastenal added 208 such facilities, bringing the company-wide total to 1,501 active sites as of June 30. Separately, the company operates 1,737 full branch locations.

The company’s Digital Footprint in the second quarter of 2022 represented 47.9% of sales, up from 41.4% of sales in the second quarter of 2021.

# # #

Bottom line:  Sales and earnings up 18.0 percent and 19.8 percent, respectively.

What the company said: “We believe our opportunity to grow our business will be enhanced through the continued development and expansion of our digital capabilities.”

For more: See the full earnings release here.