Fastenal reports sales gain
Winona, Minnesota-based Fastenal Company, distributor of industrial and construction supplies, reported a second-quarter sales increase of 1.8 percent to $1,916,200,000.
“We experienced higher unit sales in the second quarter of 2024 primarily due to growth with larger customers and Onsite locations opened in the last two years,” the company said.
In its earnings report released Friday, the company said net income during the second quarter of 2024 was $292.7 million, a decrease of 1.8% compared to the second quarter of 2023
Fastenal signed 107 new Onsite locations (defined as dedicated sales and service provided from within, or in proximity to, the customer's facility) in the second quarter of 2024, resulting in 209 year-to-date signings of new Onsite locations. At the end of the quarter (June 30) the company had 1,934 active sites, which represented an increase of 11.9% from June 30, 2023.
Meanwhile, the company’s “Digital Footprint” in the second quarter of 2024 represented 59.4% of sales, an increase from 55.3% of sales in the second quarter of 2023.
Fastenal reported that pricing for fasteners has decelerated at a faster pace than non-fastener products
Daily sales for the quarter were $29.9 million, up from $29.4 million in the same quarter last year.
Executive moves at FAST
The company also announced that Jeff Watts was appointed president and chief sales officer, effective Aug. 1. Watts will assume the president role from Dan Florness, who will be voluntarily vacating the president position.
Florness will continue to serve as Fastenal's CEO and as a member of its Board of Directors.
Watts is a 28-year company veteran who has been chief sales officer since May 2023. He served as Fastenal's Executive Vice President – International Sales, Vice President – International Sales, and Regional Vice President of the Company's Canadian business. Prior to this, he served in a variety of sales roles on the district and local market levels.
