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Fastenal Co. (symbol: FAST) is a leading industrial supply company that has grown exponentially since its inception in 1967. Starting from a single store in Winona, Minnesota, Fastenal now operates nearly 2,700 locations globally. Each store delivers tailored local inventory and personal service, ensuring that customers receive the best possible support. The company prides itself on an entrepreneurial culture that empowers employees to run their own businesses, fostering leadership and innovation.
Fastenal serves approximately 400,000 active customers through a comprehensive network of around 1,600 branches, over 1,800 on-site locations, and 15 distribution centers. Initially focused on fasteners, this category remains its largest, contributing about 30%-35% of sales. Over the years, the company has diversified its product range, now offering OEM, MRO, and construction supplies, among other categories.
The company provides a variety of supply-chain solutions including vending services and vendor-managed inventory, enhancing operational efficiencies for its customers. Fastenal's decentralized approach allows store personnel the flexibility to source products, make emergency deliveries, and manage inventory with a lean flow, thus ensuring high levels of customer satisfaction.
Fastenal's global operations are supported by robust sourcing, quality, and logistics networks, making each store a local, one-stop solution for industrial needs. The company is committed to continual business improvement, leveraging its services, solutions, and specialist expertise to benefit its diverse clientele.
Latest News: Stay updated with the most recent developments and performance metrics of Fastenal by following the latest news below:
- Source: Fastenal Company
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Fastenal Company (Nasdaq: FAST) reported its financial results for Q1 2023, showing net sales of $1,859.1 million, a 9.1% increase compared to Q1 2022. Daily sales rose to $29.0 million, and net earnings increased to $295.1 million, with a diluted EPS of $0.52, up 10.4%. Gross profit, however, declined to 45.7%% of net sales due to changes in customer and product mix and elevated costs. Operating income rose by 9.8%% to $393.2 million. Fastenal opened 89 new Onsite locations, increasing active sites by 16.3%% year-over-year. The company's digital footprint also grew significantly, contributing to 54.1%% of sales. Operating cash flow improved substantially, reaching $388.5 million, an increase of 68.9%% year-on-year.
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.
Fastenal Company (NASDAQ: FAST) will host a conference call on
Fastenal Company has appointed Noelle J. Oas as the new executive vice president of human resources. Oas, who has been with Fastenal for eight years, will oversee HR functions including benefits, payroll, diversity, and training. She succeeds Reyne K. Wisecup, who retires after 34 years, having played a key role in the company's growth from a Midwest business to a global organization with over 22,000 employees. CEO Dan Florness praised Wisecup’s contributions and expressed confidence in Oas’s leadership. Fastenal continues to expand its industrial supply offerings through a customer-focused approach across 3,300 locations in 25 countries.
Fastenal Company (Nasdaq: FAST) reported strong financial results for the year and quarter ending December 31, 2022. Net sales reached $6,980.6 million, a 16.1% increase from 2021, with quarterly sales up 10.7% to $1,695.6 million. Gross profit rose by 15.8% to $3,215.8 million, while net earnings climbed 17.5% to $1,086.9 million, with diluted EPS increasing 17.8% to $1.89. Daily sales rates improved, particularly in manufacturing. However, gross profit margin slightly declined to 45.3%. The company expanded its Onsite locations significantly, highlighting ongoing growth in demand despite some pressures from market fluctuations.
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