Fastenal Company Announces Cash Dividend

Rhea-AI Summary

Fastenal Company (FAST) declared a dividend of $0.39 per share to be paid on May 23, 2024, continuing its trend of regular and special dividend payments over the years. The company's board of directors plans to maintain quarterly dividends, subject to financial conditions and operational results.

 

WINONA, Minn.--(BUSINESS WIRE)-- Fastenal Company (Nasdaq:FAST) reported its board of directors declared a dividend of $0.39 per share to be paid in cash on May 23, 2024 to shareholders of record at the close of business on April 25, 2024. 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, December 2020, and December 2023. 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 2024, 2023, and 2022, we paid (or declared) dividends as follows:

Year		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Sub-Total (Regular)			Fourth Quarter (Special)			Total
2024		$	0.39		$	0.39
2023		$	0.35		$	0.35		$	0.35		$	0.35		$	1.40		$	0.38		$	1.78
2022		$	0.31		$	0.31		$	0.31		$	0.31		$	1.24		$	0.00		$	1.24

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
2024	Two (1)		$	446.5			$	0.78			$	—		$	0.78			$	—			—			$	—
2023	Five (2)		$	1,016.8			$	1.40			$	0.38		$	1.78			$	—			—			$	—
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
Ten Year Total			$	5,605.0			$	8.98			$	0.78		$	9.76			$	827.9			31,800,000			$	26.03

⁽¹⁾ The Total Dividends Paid amount includes the estimated impact from this announcement. The estimate is calculated using the 572.5 million shares outstanding at March 31, 2024.

⁽²⁾ There was a supplemental dividend paid in December 2020 and December 2023.

In the first quarter of 2024, 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 more than 3,400 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 17 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 or stock repurchases, 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 Securities and Exchange Commission, including our most recent annual report and subsequent quarterly reports. FAST-D

View source version on businesswire.com: https://www.businesswire.com/news/home/20240410287658/en/

Taylor Ranta Oborski

Financial Reporting & Regulatory Compliance Manager

507.313.7959

Source: Fastenal Company

FAQ

What dividend did Fastenal Company (FAST) declare per share for 2024?

Fastenal Company declared a dividend of $0.39 per share for 2024.

When will Fastenal Company (FAST) pay the declared dividend for 2024?

Fastenal Company will pay the declared dividend of $0.39 per share on May 23, 2024.

How long has Fastenal Company (FAST) been paying dividends?

Fastenal Company started paying annual dividends in 1991, semi-annual dividends in 2003, and then expanded to quarterly dividends in 2011.

What is the total value of dividends paid by Fastenal Company (FAST) in the last ten years?

Fastenal Company paid a total of $8.98 per share in dividends over the last ten years, with a total value of $5,605.0 million.

Does Fastenal Company (FAST) have authority for stock repurchases?

Fastenal Company has the authority to purchase up to 6,200,000 additional shares of its common stock under the July 12, 2022 authorization, which has no expiration date.