PPE lifts Fastenal sales in Q3

Fastenal, the industrial and construction supplies distributor, reported that third quarter sales increased 2.5% to $1.413 billion from third quarter 2019 sales of $1.379 billion.

The sales increase was driven by higher unit sales of safety products during the quarter, the company said, noting that the reopening of the economy has driven demand for personal protection equipment (PPE), hand sanitizer, and related products. 

Daily sales of safety products grew 34.4% during the quarter and represented 23.8% of Fastenal’s net sales for the period.

The increase in PPE offset weaker sales in other categories. Daily sales of fastener products declined 6.9% compared to the third quarter of 2019 and represented 30.5% of net sales in the third quarter of 2020.

The Winona, Minn.-based company also posted net earnings of $221.5 million for the third quarter, rising 3.7% from net earnings of $213.5 million for the same period a year ago.

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Bottom Line: Fastenal’s net sales rise 2.5% to $1.413 billion in the third quarter while profits increase 3.7% to $221.5 million.

Company Info: Fastenal’s full third quarter 2020 financial report is available here.