Image provided by iStock.
Fastenal Co., a provider in the wholesale distribution of industrial and construction supplies and industrial vending services, improved its sales and earnings for Q2 2022 over the prior year period, driven by increased demand for manufacturing equipment and supplies, according to a press release. Highlights include:
- Net sales increased 18% from $1.5 billion in Q2 2021 to $1.78 billion in the quarter ending June 30, 2022.
- Net earnings rose 19.8% from $239.7 million to $287.1 million in the comparative quarters.
- Both basic and diluted EPS jumped 19.7% from 42 cents to 50 cents.
- 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) in the second quarter of 2022, resulting in year-to-date signings of new onsite locations of 208.
- The company had 1,501 active sites on June 30, 2022, which represented an increase of 13.5% from June 30, 2021.
- Daily sales through onsite locations, excluding sales transferred from branches to new onsite locations, grew at a better than 20% rate over Q2 2021 due to improved business activity from onsite customers and, to a lesser degree, contributions from the increase in the number of onsite locations.
The signings through the first half of 2022 keeps the company on track to sign 375 to 400 onsites in 2022.
Shares traded at $46.89 today against a 52-week range of $46.58-$64.75.
The $1.78 billion in quarterly revenue beat analyst expectations by $10 million while the GAAP EPS of 50 cents was in line with expectations, according to Seeking Alpha.