Fastenal Company Announces Cash Dividend

Rhea-AI Summary

Fastenal Company (NASDAQ: FAST) has declared a dividend of $0.35 per share, scheduled for payment on May 25, 2023, to shareholders of record as of April 27, 2023. This follows a history of dividend payments dating back to 1991, with semi-annual dividends beginning in 2003 and quarterly since 2011. Fastenal has also issued special one-time dividends previously. The board intends to maintain quarterly dividends, contingent on the company's financial performance and other relevant factors. For 2023, the total dividends declared amounts to $399.7 million, with a per-share dividend of $0.70 already declared in the first quarter, contributing to a total of $1.05 for the year so far.

Positive

• Dividend declared: $0.35 per share, reinforcing shareholder value.
• Total dividends for 2023: $399.7 million.
• Consistent history of dividend payments since 1991.

Negative

• None.

WINONA, Minn.--(BUSINESS WIRE)-- Fastenal Company (Nasdaq:FAST) reported its board of directors declared a dividend of $0.35 per share to be paid in cash on May 25, 2023 to shareholders of record at the close of business on April 27, 2023. Except for share and per share information, dollar amounts are stated in millions.

We began paying annual dividends in 1991, semi-annual dividends in 2003, and then expanded to quarterly dividends in 2011. In addition to these regular dividend payments, Fastenal has previously paid special one-time dividends in December 2008, December 2012, and December 2020. Our board of directors currently intends to continue paying quarterly dividends, though all future determination as to payment of dividends will depend upon the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors, such as income tax rates related to dividends at that time.

In 2023, 2022, and 2021, we paid (or declared) dividends as follows:

Year		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
2023		$	0.35		$	0.35
2022		$	0.31		$	0.31		$	0.31		$	0.31		$	1.24
2021		$	0.28		$	0.28		$	0.28		$	0.28		$	1.12

Dividend and common stock purchase activity during the last ten years:

																								Average Per
		Total				Dividends per Share											Total Value of				Total Number			Share Price of
	Dividend	Dividends				Regular					Special			Total			Common Stock				of Shares			Common Stock
Year	Payments	Paid				Dividend					Dividend			Dividend			Purchased				Purchased			Purchased
2023	Two (1)		$	399.7			$	0.70			$	—		$	0.70			$	—			—			$	—
2022	Four		$	711.3			$	1.24			$	—		$	1.24			$	237.8			5,000,000			$	47.58
2021	Four		$	643.7			$	1.12			$	—		$	1.12			$	—			—			$	—
2020	Five (2)		$	803.4			$	1.00			$	0.40		$	1.40			$	52.0			1,600,000			$	32.54
2019	Four		$	498.6			$	0.87			$	—		$	0.87			$	—			—			$	—
2018	Four		$	441.9			$	0.77			$	—		$	0.77			$	103.0			4,000,000			$	25.75
2017	Four		$	369.1			$	0.64			$	—		$	0.64			$	82.6			3,800,000			$	21.72
2016	Four		$	346.6			$	0.60			$	—		$	0.60			$	59.5			3,200,000			$	18.58
2015	Four		$	327.1			$	0.56			$	—		$	0.56			$	293.0			14,200,000			$	20.63
2014	Four		$	296.6			$	0.50			$	—		$	0.50			$	52.9			2,400,000			$	22.06
Ten Year Total			$	4,838.0			$	8.00			$	0.40		$	8.40			$	880.8			34,200,000			$	25.75

(1)		The Total Dividends Paid amount includes the estimated impact from this announcement. The estimate is calculated using the 571.0 million shares outstanding at March 31, 2023.
(2)		There was a supplemental dividend paid in December 2020.

In the first quarter of 2023, we did not repurchase any of our common stock. We have authority to purchase up to 6,200,000 additional shares of our common stock under the July 12, 2022 authorization. This authorization does not have an expiration date.

All share and per share information reflects the two-for-one stock split in 2019.

About Fastenal

Fastenal provides a broad offering of industrial supplies, including fastener, safety, and metal cutting products, to manufacturing, construction, and state and local government customers through over 3,300 in-market locations (branches and customer-specific Onsite locations) spanning 25 countries. With continual investment in tailored local inventory, dedicated local experts, and flexible FMI^® (Fastenal Managed Inventory) and digital solutions, we help our business partners achieve product and process savings across the supply chain – a “high-touch, high-tech” approach encapsulated by our tagline, Where Industry Meets Innovation^™. Our local service teams are supported by 16 regional distribution centers, a captive logistics fleet, multiple teams of industry specialists and support personnel, and robust sourcing, quality, and manufacturing resources, enabling us to grow by getting closer to customers and providing innovative and comprehensive solutions to customer supply chain challenges.

Additional information regarding Fastenal is available on the Fastenal Company website at www.fastenal.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including a statement regarding expectations as to payment of a quarterly cash dividend in the foreseeable future. Any future determination as to payment of dividends will depend upon the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors. For example, a change in business needs including working capital and funding for acquisitions, or a change in income tax law relating to dividends, could cause the company to decide not to pay a dividend in the future or not to repurchase common stock pursuant to the existing share repurchase authorization. A discussion of other risks and uncertainties is included in the company's filings with the SEC, including our most recent annual and quarterly reports. FAST-D

View source version on businesswire.com: https://www.businesswire.com/news/home/20230412005618/en/

Taylor Ranta Oborski

Financial Reporting & Regulatory Compliance Manager

507.313.7959

Source: Fastenal Company

FAQ

What is the dividend amount declared by Fastenal for 2023?

Fastenal declared a dividend of $0.35 per share for 2023.

When will Fastenal's dividend be paid?

The dividend will be paid on May 25, 2023.

What date is the record for Fastenal's dividend?

Shareholders must be on record by April 27, 2023.

Has Fastenal consistently paid dividends?

Yes, Fastenal has paid dividends annually since 1991.

How much did Fastenal pay in dividends in the first quarter of 2023?

In the first quarter of 2023, Fastenal declared a dividend of $0.70 per share.