Fastenal reports Q1 sales growth
Industrial Supply company Fastenal reported growth in sales and earnings in the low single digits for the first quarter of 2021.
Net sales were up 3.7% to $1.417 billion. Net earning increased 3.9% to $210.6 million, as demand for its fastener products and safety products showed continued improvement.
Fastenal Managed Inventory (FMI) continued its pace. FMI is comprised of FAST Vend (vending devices), FAST Bin (infrared, RFID, and scaled bins), and FAST Stock (scanned bins) offering. The company's installed weighted FMI device count on March 31, 2021 was 85,157, an increase of 7.5% over March 31, 2020.
Fastenal signed 68 new Onsite locations (defined as dedicated sales and service provided from within, or in close proximity to, the customer's facility) during the first quarter of 2021. That figure marks a decline from 85 new Onsite signings in the first quarter of 2020, but i's also the highest rate of quarterly signings since the onset of the pandemic.
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Bottom line: Net earnings for the three months ended March 31 increased to $210.6 million, up 3.9% from $202.6 million in the same quarter last year.
What the company said: "Growth was largely due to higher unit sales, most notably of fastener, safety, and janitorial products."
For more information: Read the company's full earnings release here.