Higher unit sales drives Fastenal Q4 earnings

Fastenal Company had net sales of $1.76 billion in the fourth quarter of 2023, an increase of 3.7 percent over net sales of $1.7 billion in the fourth quarter of 2022. The increase was due, in part, to higher unit sales and growth at onsite locations. Daily sales through e-commerce grew 28.3 percent in the fourth quarter and represented 24.8 percent of total sales in the period. Gross profit, as a percentage of net sales was 45.5 percent in the quarter, compared to 45.3 percent in the year-ago period. Product margins improved in fasteners and, to a lesser degree, safety. Earnings before income taxes were $354.2 million, up 7.6 percent compared to earnings before income taxes of $$328.2 million in the prior-year period. Earnings as a percentage of net sales was 20.1 percent compared to 19.4 percent. The company had net earnings of $266.4 million, up 8.5 percent compared to net earnings of $245.6 million last year.