Fastenal feels more like itself in Q2

Fastenal Company had double-digit sales growth to report in the second quarter, and in a larger sense, the company said it felt more like itself, results-wise.

Net sales for the three months ended June 30 were $1.12 billion, up 10.6% over the previous year.

Net earnings were $148.9 million, up 13.2% year-over-year.

"The second quarter of 2017 felt more like Fastenal," said Dan Florness, President and Chief Executive Officer. "We have grown well over the last year, but market headwinds have masked this growth. We continue to ask our customers to challenge Fastenal to be their supply chain partner; their response shines through in the success we are seeing with all of our growth drivers."

According to the company, the net sales boost was largely driven by higher unit sales thanks to underlying market demand, growth in the industrial vending business, and growth in new and existing Onsite locations.

Daily sales of fastener products, which represented 36.1% of sales in the second quarter of 2017, grew 7.9% in total. Of this, 3.6 percentage points were attributable to the recently acquired Manufacturers Supply Company ('Mansco') business.

Daily sales of non-fastener products, which represented 63.9% of sales in the second quarter of 2017, grew 12.2%.