Fastenal Company Reports 2025 First Quarter Earnings
PERFORMANCE SUMMARY
|
Three-month Period |
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|
|
2025 |
|
|
2024 |
|
|
Change |
|
Net sales |
$ |
1,959.4 |
|
|
1,895.1 |
|
|
3.4 |
% |
Business days |
|
63 |
|
|
64 |
|
|
|
|
Daily sales |
$ |
31.1 |
|
|
29.6 |
|
|
5.0 |
% |
Gross profit |
$ |
883.9 |
|
|
861.6 |
|
|
2.6 |
% |
% of net sales |
|
45.1 |
% |
|
45.5 |
% |
|
|
|
Selling, general, and administrative (SG&A) expenses |
$ |
490.0 |
|
|
471.4 |
|
|
3.9 |
% |
% of net sales |
|
25.0 |
% |
|
24.9 |
% |
|
|
|
Operating income |
$ |
393.9 |
|
|
390.2 |
|
|
0.9 |
% |
% of net sales |
|
20.1 |
% |
|
20.6 |
% |
|
|
|
Income before income taxes |
$ |
393.1 |
|
|
389.8 |
|
|
0.8 |
% |
% of net sales |
|
20.1 |
% |
|
20.6 |
% |
|
|
|
Net income |
$ |
298.7 |
|
|
297.7 |
|
|
0.3 |
% |
Diluted net income per share |
$ |
0.52 |
|
|
0.52 |
|
|
0.2 |
% |
|
|
|
|
|
|
||||
Note – Daily sales are defined as the total net sales for the period divided by the number of business days (in the |
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QUARTERLY RESULTS OF OPERATIONS
Sales
Net sales increased
We experienced an increase in unit sales in the first quarter of 2025. This was due to a growth in the number of customer sites spending
From a product standpoint, we have three categories: fasteners, including fasteners used in original equipment manufacturing (OEM) and maintenance, repair, and operations (MRO), safety supplies, and other product lines, the latter of which includes eight smaller product categories, such as tools, janitorial supplies, and cutting tools. With industrial production still sluggish in the first quarter of 2025, the performance of our fastener product line continued to lag our non-fastener product lines. The fastener category experienced growth in the first quarter of 2025 after seven consecutive flat or declining quarters. This was driven by easier comparisons and increased contribution from large customer signings. We achieved growth in our safety category reflecting the lower volatility of PPE demand, which tends to be utilized in more MRO than OEM applications, growth of our vending installed base, and success with warehousing and data center customers. Other product lines experienced growth from MRO-oriented lines, such as electrical and janitorial, rather than from OEM-oriented lines, such as cutting tools and welding/abrasives, reflecting continued soft manufacturing demand. The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows:
|
DSR Change
|
|
% of Sales
|
||
|
2025 |
2024 |
|
2025 |
2024 |
OEM fasteners |
|
- |
|
|
|
MRO fasteners |
- |
- |
|
|
|
Total fasteners |
|
- |
|
|
|
Safety supplies |
|
|
|
|
|
Other product lines |
|
|
|
|
|
Total non-fasteners |
|
|
|
|
|
From an end market standpoint, we have four categories: heavy manufacturing, other manufacturing, non-residential construction, and other, the latter of which includes reseller, government/education, and transportation/warehousing. Our manufacturing end markets outperformed primarily due to the relative strength we are experiencing with key account customers with significant managed spend where our service model and technology are particularly impactful. This disproportionately benefits manufacturing customers. Other end market sales were favorably impacted by growth with warehousing and storage, and data center customers, which was partially offset by declining sales with resellers. The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows:
|
DSR Change
|
|
% of Sales
|
||
|
2025 |
2024 |
|
2025 |
2024 |
Heavy manufacturing |
|
|
|
|
|
Other manufacturing |
|
|
|
|
|
Total manufacturing |
|
|
|
|
|
Non-residential construction |
- |
- |
|
|
|
Other end markets |
|
|
|
|
|
Total non-manufacturing |
- |
|
|
|
|
From a customer standpoint, we have two categories: contracts, which include national multi-site, local and regional, and government customers with significant revenue potential, and non-contracts, which include all other customers. Sales with our contract customers continue to outperform as we realize incremental sales from implementing strong customer signings that we have achieved over the last 12 months, which was partially offset by subdued business activity. Non-contract customers tend to be smaller and utilize fewer of our tools and capabilities, providing fewer avenues for share gains and therefore more closely reflect business trends, which remain sluggish. The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows:
|
DSR Change
|
|
% of Sales
|
||
|
2025 |
2024 |
|
2025 |
2024 |
Contract sales |
|
|
|
|
|
Non-contract sales |
- |
- |
|
|
|
Supplemental Data
Prior to 2025, our disclosed metrics primarily addressed development of capabilities, including branch openings, geographic expansion, growth of national accounts, growth of non-fastener products, FMI installations, and Onsite signings, to name a few. The data provided in the chart below measures the number of customer sites that are served throughout our in-market network, categorizing them by monthly customer spend categories and end market, and the sales and average sales per site. We believe this supplemental information may be useful to investors in evaluating Fastenal's business trends and whether and to what degree we are being successful, and we intend to disclose this information quarterly going forward until management determines otherwise. Historical end market sales have been updated in the table below to categorize by customer site and may not be able to be recalculated due to the rounding of those dollar values.
The prior three years of quarterly customer site data can be found at the end of this document.
|
Three-month period 2025 |
|
Three-month period 2024 |
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|
Customer Sites
|
Sales |
Mo. Sales per
|
|
Customer Sites
|
Sales |
Mo. Sales per
|
||||
Manufacturing |
|
|
|
|
|
|
|
||||
|
2,114 |
$ |
874.0 |
$ |
137,811 |
|
1,987 |
$ |
819.2 |
$ |
137,427 |
|
|
|
|
|
|
|
|
||||
|
8,500 |
|
1,293.1 |
|
50,710 |
|
8,263 |
|
1,230.0 |
|
49,619 |
|
4,451 |
|
95.5 |
|
7,152 |
|
4,448 |
|
95.3 |
|
7,142 |
< |
30,308 |
|
101.7 |
|
1,119 |
|
31,999 |
|
104.7 |
|
1,091 |
Other sales (5) |
— |
|
2.7 |
|
— |
|
— |
|
11.1 |
|
— |
Total manufacturing sales |
43,259 |
$ |
1,493.0 |
$ |
11,484 |
|
44,710 |
$ |
1,441.1 |
$ |
10,661 |
|
|
|
|
|
|
|
|
||||
Non-manufacturing |
|
|
|
|
|
|
|
||||
|
388 |
$ |
136.6 |
$ |
117,354 |
|
353 |
$ |
116.0 |
$ |
109,537 |
|
|
|
|
|
|
|
|
||||
|
2,918 |
|
288.5 |
|
32,956 |
|
2,890 |
|
265.7 |
|
30,646 |
|
2,749 |
|
58.2 |
|
7,057 |
|
2,888 |
|
60.8 |
|
7,018 |
< |
52,118 |
|
109.7 |
|
702 |
|
59,156 |
|
116.3 |
|
655 |
Other sales (5) |
— |
|
10.0 |
|
— |
|
— |
|
11.2 |
|
— |
Total non-manufacturing sales |
57,785 |
$ |
466.4 |
$ |
2,633 |
|
64,934 |
$ |
454.0 |
$ |
2,273 |
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
|
|
|
|
||||
|
2,502 |
$ |
1,010.6 |
$ |
134,639 |
|
2,340 |
$ |
935.1 |
$ |
133,205 |
|
|
|
|
|
|
|
|
||||
|
11,418 |
|
1,581.6 |
|
46,173 |
|
11,153 |
|
1,495.7 |
|
44,702 |
|
7,200 |
|
153.8 |
|
7,120 |
|
7,336 |
|
156.2 |
|
7,097 |
< |
82,426 |
|
211.4 |
|
855 |
|
91,155 |
|
221.0 |
|
808 |
Other sales (5) |
— |
|
12.6 |
|
— |
|
— |
|
22.2 |
|
— |
Total net sales |
101,044 |
$ |
1,959.4 |
$ |
6,422 |
|
109,644 |
$ |
1,895.1 |
$ |
5,694 |
| (1) | Customer sites represent the number of customer locations served by our in-market network. Individual customers with multiple locations across multiple in-market locations will have multiple customer sites. |
|
| (2) | Customer sites are an average of the number of customer sites calculated each month. |
|
| (3) | Monthly sales per customer site totals do not include the sales from other sales lines, as there is no customer site count associated with it. This column is not rounded to the millions and represents the exact dollar amount. |
|
| (4) |
|
|
| (5) | Other sales represent impacts to sales that are not tied to a specific site or in-market location. This includes certain service fees, cash sales, direct product sales, etc. |
FMI Technology comprises our FASTStock℠ (scanned stocking locations), FASTBin® (infrared, RFID, and scaled bins), and FASTVend® (vending devices) offerings. FASTStock's fulfillment processing technology is not embedded, is relatively less expensive and highly flexible in application, and is delivered using our proprietary mobility technology. FASTBin and FASTVend incorporate highly efficient and powerful embedded data tracking and fulfillment processing technologies. The first statistic is a weighted FMI® measure, which combines the signings and installations of FASTBin and FASTVend in a standardized machine equivalent unit (MEU) based on the expected output of each type of device. We do not include FASTStock in this measurement because scanned stocking locations can take many forms, such as bins, shelves, cabinets, pallets, etc., that cannot be converted into a standardized MEU. The second statistic is sales through FMI Technology, which combines the sales through FASTStock, FASTBin, and FASTVend. A portion of the growth in sales experienced by FMI, particularly FASTStock and FASTBin, reflects the migration of products from less efficient non-digital stocking locations to more efficient, digital stocking locations.
We signed 6,418 weighted FASTBin and FASTVend devices in the first quarter of 2025. Our goal for weighted FASTBin and FASTVend device signings in 2025 remains between 28,000 to 30,000 MEUs.
The table below summarizes signings and installations of our FMI devices and sales through our FMI devices, eBusiness(1) tools, and Digital Footprint(2).
|
Three-month Period |
||||||||
|
|
2025 |
|
|
2024 |
|
|
DSR
|
|
Weighted FASTBin/FASTVend signings (MEUs) |
|
6,418 |
|
|
6,726 |
|
|
-4.6 |
% |
Signings per day |
|
102 |
|
|
105 |
|
|
|
|
Weighted FASTBin/FASTVend installations (MEUs; end of period) |
|
129,996 |
|
|
115,653 |
|
|
12.4 |
% |
|
|
|
|
|
|
||||
FASTStock sales |
$ |
239.1 |
|
|
239.8 |
|
|
1.3 |
% |
% of sales |
|
12.1 |
% |
|
12.5 |
% |
|
|
|
FASTBin/FASTVend sales |
$ |
619.9 |
|
|
556.9 |
|
|
13.1 |
% |
% of sales |
|
31.3 |
% |
|
29.0 |
% |
|
|
|
FMI sales |
$ |
859.0 |
|
|
796.7 |
|
|
9.5 |
% |
FMI daily sales |
$ |
13.6 |
|
|
12.4 |
|
|
|
|
% of sales |
|
43.3 |
% |
|
41.5 |
% |
|
|
|
|
|
|
|
|
|
||||
eBusiness sales |
$ |
607.6 |
|
|
549.3 |
|
|
12.9 |
% |
% of sales |
|
30.7 |
% |
|
28.6 |
% |
|
|
|
|
|
|
|
|
|
||||
Less: eBusiness and FMI sales overlap |
$ |
258.6 |
|
|
210.6 |
|
|
24.8 |
% |
% of sales |
|
13.1 |
% |
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
||||
Digital Footprint sales |
$ |
1,208.0 |
|
|
1,135.4 |
|
|
8.3 |
% |
% of sales |
|
61.0 |
% |
|
59.2 |
% |
|
|
|
| (1) | Our eBusiness includes eProcurement activities, which are integrated transactions, including electronic data interchange (EDI), and eCommerce (transactional website sales). |
|
| (2) | Digital Footprint is a combination of our sales through FMI (FASTStock, FASTBin, and FASTVend) plus that portion of our eBusiness sales that does not represent billings of FMI services. |
|
| (3) | Weighted FASTBin/FASTVend signings and installations reflects the percent change compared to the same period in the prior year. |
Gross Profit
Our gross profit, as a percentage of net sales, decreased to
SG&A Expenses
Our SG&A expenses, as a percentage of net sales, were
Employee-related expenses, which represent
Occupancy-related expenses, which represent
Combined, all other SG&A expenses, which represent
Operating Income
Our operating income, as a percentage of net sales, decreased to
Net Interest
We had lower interest income reflecting a reduction in capital being invested in higher-earning short-term instruments during the period. We had lower interest expense as a result of slightly lower borrowings through the first quarter of 2025. The greater reduction in interest income relative to interest expense resulted in our generating net interest expense of
Income Taxes
We recorded income tax expense of
Net Income
Our net income during the first quarter of 2025 was
BALANCE SHEET AND CASH FLOW
Net cash provided by operating activities was
The dollar and percentage change in accounts receivable, net, inventories, and accounts payable as of March 31, 2025 when compared to March 31, 2024 were as follows:
|
|
March 31 |
Twelve-month
|
Twelve-month
|
|||||||
|
|
|
2025 |
|
2024 |
|
|
2025 |
|
2025 |
|
Accounts receivable, net |
|
$ |
1,278.7 |
|
1,213.2 |
|
$ |
65.5 |
|
5.4 |
% |
Inventories |
|
|
1,673.9 |
|
1,496.3 |
|
|
177.5 |
|
11.9 |
% |
Trade working capital |
|
$ |
2,952.6 |
|
2,709.5 |
|
$ |
243.0 |
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|||
Accounts payable |
|
$ |
341.1 |
|
276.0 |
|
$ |
65.1 |
|
23.6 |
% |
Trade working capital, net |
|
$ |
2,611.5 |
|
2,433.5 |
|
$ |
177.9 |
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
|||
Net sales in last three months |
|
$ |
1,959.4 |
|
1,895.1 |
|
$ |
64.3 |
|
3.4 |
% |
Note - Amounts may not foot due to rounding difference. |
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The increase in our accounts receivable balance in the first quarter of 2025 was primarily attributable to growth in sales with our customers, including relative growth with larger customers that tend to carry longer payment terms.
The increase in our inventory balance in the first quarter of 2025 was primarily attributable to three factors. First, we added inventory to support projected growth in our business and, to a lesser extent, the anticipated impact of tariffs. Second, our inventory increased as a result of growth in sales with certain customers and the addition of stock to ensure we can support their future growth. Third, we added inventory to support our fastener expansion and optimal package quantity initiatives, which are intended to improve service to our in-market locations and generate efficiencies in our hubs.
The increase in our accounts payable balance in the first quarter of 2025 was primarily attributable to an increase in our product purchases as reflected in the growth in inventories.
During the first quarter of 2025, our investment in property and equipment, net of proceeds from sales, was
For 2025, we continue to expect our investment in property and equipment, net of proceeds from sales, to be within a range of
During the first quarter of 2025, we returned
Total debt on our balance sheet was
ADDITIONAL INFORMATION
The table below summarizes our absolute and full time equivalent (FTE; based on 40 hours per week) employee headcount, number of branch locations, number of
|
|
|
|
Change Since: |
|
|
Change Since: |
||
|
Q1 2025 |
|
Q4 2024 |
Q4 2024 |
|
Q1 2024 |
Q1 2024 |
||
Selling personnel - absolute employee headcount (1) |
16,995 |
|
16,669 |
2.0 |
% |
|
16,726 |
1.6 |
% |
Selling personnel - FTE employee headcount (1) |
15,236 |
|
15,014 |
1.5 |
% |
|
15,064 |
1.1 |
% |
Total personnel - absolute employee headcount |
24,181 |
|
23,702 |
2.0 |
% |
|
23,695 |
2.1 |
% |
Total personnel - FTE employee headcount |
21,339 |
|
20,958 |
1.8 |
% |
|
20,935 |
1.9 |
% |
|
|
|
|
|
|
|
|
||
Number of branch locations |
1,587 |
|
1,597 |
-0.6 |
% |
|
1,592 |
-0.3 |
% |
Number of |
2,502 |
|
2,330 |
7.4 |
% |
|
2,340 |
6.9 |
% |
Weighted FMI devices (MEU installed count) |
129,996 |
|
126,957 |
2.4 |
% |
|
115,653 |
12.4 |
% |
(1) |
In the fourth quarter of 2024, we realigned certain employees as a result of a routine review of our organizational structure. While there is no change to total absolute or total FTE headcount, it produces minor shifts between headcount categories. Historical numbers have been adjusted to reflect this realignment. |
During the last twelve months, we increased our total FTE employee headcount by 404. Our total FTE selling and sales support personnel increased by 172. This increase reflects additions of FTE to support growth in our Onsite locations, partially offset by a reduction of personnel at our branch locations reflecting both shifts to Onsite locations and tight management of headcount given sluggish business conditions. We had an increase in our distribution and transportation FTE personnel of 98 to support increased product throughput at our distribution facilities. We had an increase in our remaining FTE personnel of 134 which related primarily to personnel investments in manufacturing, quality control, IT, and business analytics.
CONFERENCE CALL TO DISCUSS QUARTERLY RESULTS
As we previously disclosed, we will host a conference call today to review the quarterly results, as well as current operations. This conference call will be broadcast live over the Internet at 9:00 a.m., central time. To access the webcast, please go to our Investor Relations Website at https://investor.fastenal.com/events.cfm.
ADDITIONAL MONTHLY AND QUARTERLY INFORMATION
We publish on the 'Investor Relations' page of our website at www.fastenal.com both our monthly consolidated net sales information and the presentation for our quarterly conference call (which includes information, supplemental to that contained in our earnings announcement, regarding results for the quarter). We expect to publish the consolidated net sales information for each month, other than the third month of a quarter, at 6:00 a.m., central time, on the fourth business day of the following month. We expect to publish the consolidated net sales information for the third month of each quarter and the conference call presentation for each quarter at 6:00 a.m., central time, on the date our earnings announcement for such quarter is publicly released.
ANNUAL MEETING OF SHAREHOLDERS WEBCAST
On Thursday, April 24, 2025, we will be holding our Annual Meeting of Shareholders (the 'Annual Meeting') at the Remlinger Muscle Car Museum located at 3560 Service Drive,
FORWARD LOOKING STATEMENTS
Certain statements contained in this document do not relate strictly to historical or current facts. As such, they are considered 'forward-looking statements' that provide current expectations or forecasts of future events. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of terminology such as anticipate, believe, should, estimate, expect, intend, may, will, plan, goal, project, hope, trend, target, opportunity, and similar words or expressions, or by references to typical outcomes. Any statement that is not a historical fact, including estimates, projections, future trends, and the outcome of events that have not yet occurred, is a forward-looking statement. Our forward-looking statements generally relate to our expectations and beliefs regarding the business environment in which we operate, our projections of future performance, our perceived marketplace opportunities including our prospects to capture long-term value from certain warehousing customers and the related end market, our strategies, goals, mission, and vision, and our expectations about future capital expenditures, future tax rates, future inventory levels, pricing, weighted FMI device signings, future sales attributable to our Digital Footprint, investment in property and equipment, the impact of inflation or deflation on our cost of goods, controlling SG&A expenses including FTE growth, future traditional branch closures and openings, the impact of fluctuations in freight and shipping costs, future operating results and business activity, and the impact of natural disasters on daily sales. You should understand that forward-looking statements involve a variety of risks and uncertainties, known and unknown (including risks disclosed in our most recent annual and quarterly reports), and may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially. Factors that could cause our actual results to differ from those discussed in the forward-looking statements include, but are not limited to, those detailed in our most recent annual and quarterly reports. Each forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any such statement to reflect events or circumstances arising after such date. FAST-E
FASTENAL COMPANY |
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Condensed Consolidated Balance Sheets |
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(Amounts in millions except share and per share information) |
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(Unaudited) |
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Assets |
|
March 31,
|
|
December 31,
|
|||
Current assets: |
|
|
|
|
|||
Cash and cash equivalents |
|
$ |
231.8 |
|
|
255.8 |
|
Trade accounts receivable, net of allowance for credit losses of |
|
|
1,278.7 |
|
|
1,108.6 |
|
Inventories |
|
|
1,673.9 |
|
|
1,645.0 |
|
Prepaid income taxes |
|
|
— |
|
|
18.8 |
|
Other current assets |
|
|
173.6 |
|
|
183.7 |
|
Total current assets |
|
|
3,358.0 |
|
|
3,211.9 |
|
|
|
|
|
|
|||
Property and equipment, net |
|
|
1,075.8 |
|
|
1,056.6 |
|
Operating lease right-of-use assets |
|
|
289.4 |
|
|
279.2 |
|
Other assets |
|
|
147.7 |
|
|
150.3 |
|
|
|
|
|
|
|||
Total assets |
|
$ |
4,870.9 |
|
|
4,698.0 |
|
|
|
|
|
|
|||
Liabilities and Stockholders' Equity |
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|||
Current portion of debt |
|
$ |
75.0 |
|
|
75.0 |
|
Accounts payable |
|
|
341.1 |
|
|
287.7 |
|
Accrued expenses |
|
|
215.7 |
|
|
225.6 |
|
Current portion of operating lease liabilities |
|
|
101.4 |
|
|
98.8 |
|
Income taxes payable |
|
|
52.0 |
|
|
— |
|
Total current liabilities |
|
|
785.2 |
|
|
687.1 |
|
|
|
|
|
|
|||
Long-term debt |
|
|
125.0 |
|
|
125.0 |
|
Operating lease liabilities |
|
|
194.4 |
|
|
186.6 |
|
Deferred income taxes |
|
|
69.6 |
|
|
68.9 |
|
Other long-term liabilities |
|
|
6.4 |
|
|
14.1 |
|
|
|
|
|
|
|||
Stockholders' equity: |
|
|
|
|
|||
Preferred stock: |
|
|
— |
|
|
— |
|
Common stock: |
|
|
5.7 |
|
|
5.7 |
|
Additional paid-in capital |
|
|
101.8 |
|
|
88.6 |
|
Retained earnings |
|
|
3,665.5 |
|
|
3,613.5 |
|
Accumulated other comprehensive loss |
|
|
(82.7 |
) |
|
(91.5 |
) |
Total stockholders' equity |
|
|
3,690.3 |
|
|
3,616.3 |
|
Total liabilities and stockholders' equity |
|
$ |
4,870.9 |
|
|
4,698.0 |
|
FASTENAL COMPANY |
||||||
Condensed Consolidated Statements of Income |
||||||
(Amounts in millions except income per share) |
||||||
(Unaudited) |
||||||
|
|
|||||
|
|
|||||
|
Three Months Ended
|
|||||
|
|
2025 |
|
|
2024 |
|
Net sales |
$ |
1,959.4 |
|
|
1,895.1 |
|
Cost of sales |
|
1,075.5 |
|
|
1,033.5 |
|
Gross profit |
|
883.9 |
|
|
861.6 |
|
|
|
|
|
|||
Selling, general, and administrative expenses |
|
490.0 |
|
|
471.4 |
|
Operating income |
|
393.9 |
|
|
390.2 |
|
|
|
|
|
|||
Interest income |
|
0.9 |
|
|
1.6 |
|
Interest expense |
|
(1.7 |
) |
|
(2.0 |
) |
Income before income taxes |
|
393.1 |
|
|
389.8 |
|
|
|
|
|
|||
Income tax expense |
|
94.4 |
|
|
92.1 |
|
Net income |
$ |
298.7 |
|
|
297.7 |
|
|
|
|
|
|||
Basic net income per share |
$ |
0.52 |
|
|
0.52 |
|
Diluted net income per share |
$ |
0.52 |
|
|
0.52 |
|
|
|
|
|
|||
Basic weighted average shares outstanding |
|
573.5 |
|
|
572.3 |
|
Diluted weighted average shares outstanding |
|
574.8 |
|
|
574.1 |
|
FASTENAL COMPANY |
||||||
Condensed Consolidated Statements of Cash Flows |
||||||
(Amounts in millions) |
||||||
(Unaudited) |
||||||
|
|
|||||
|
Three Months Ended March 31, |
|||||
|
|
2025 |
|
|
2024 |
|
Cash flows from operating activities: |
|
|
|
|||
Net income |
$ |
298.7 |
|
|
297.7 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||
Depreciation of property and equipment |
|
42.0 |
|
|
40.2 |
|
Gain on sale of property and equipment |
|
(0.3 |
) |
|
(0.6 |
) |
Bad debt expense (recoveries) |
|
1.8 |
|
|
(0.9 |
) |
Deferred income taxes |
|
0.7 |
|
|
0.8 |
|
Stock-based compensation |
|
2.0 |
|
|
2.0 |
|
Amortization of intangible assets |
|
2.7 |
|
|
2.7 |
|
Changes in operating assets and liabilities: |
|
|
|
|||
Trade accounts receivable |
|
(170.0 |
) |
|
(127.6 |
) |
Inventories |
|
(26.5 |
) |
|
21.9 |
|
Other current assets |
|
10.2 |
|
|
34.9 |
|
Accounts payable |
|
45.3 |
|
|
15.6 |
|
Accrued expenses |
|
(8.8 |
) |
|
(31.9 |
) |
Income taxes |
|
70.9 |
|
|
74.5 |
|
Other |
|
(6.5 |
) |
|
6.3 |
|
Net cash provided by operating activities |
|
262.2 |
|
|
335.6 |
|
|
|
|
|
|||
Cash flows from investing activities: |
|
|
|
|||
Purchases of property and equipment |
|
(55.7 |
) |
|
(50.8 |
) |
Proceeds from sale of property and equipment |
|
1.9 |
|
|
2.5 |
|
Other |
|
0.0 |
|
|
(0.1 |
) |
Net cash used in investing activities |
|
(53.8 |
) |
|
(48.4 |
) |
|
|
|
|
|||
Cash flows from financing activities: |
|
|
|
|||
Proceeds from debt obligations |
|
155.0 |
|
|
160.0 |
|
Payments against debt obligations |
|
(155.0 |
) |
|
(220.0 |
) |
Proceeds from exercise of stock options |
|
11.2 |
|
|
15.8 |
|
Cash dividends paid |
|
(246.7 |
) |
|
(223.2 |
) |
Net cash used in financing activities |
|
(235.5 |
) |
|
(267.4 |
) |
|
|
|
|
|||
Effect of exchange rate changes on cash and cash equivalents |
|
3.1 |
|
|
(4.0 |
) |
|
|
|
|
|||
Net (decrease) increase in cash and cash equivalents |
|
(24.0 |
) |
|
15.8 |
|
|
|
|
|
|||
Cash and cash equivalents at beginning of period |
|
255.8 |
|
|
221.3 |
|
Cash and cash equivalents at end of period |
$ |
231.8 |
|
|
237.1 |
|
|
|
|
|
|||
Supplemental information: |
|
|
|
|||
Cash paid for interest |
$ |
1.5 |
|
|
2.4 |
|
Net cash paid for income taxes |
$ |
21.9 |
|
|
15.9 |
|
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities |
$ |
30.4 |
|
|
30.4 |
|
Supplemental Data |
|||||||||||||||||
|
Q1 2024 |
|
Q1 2023 |
|
Q1 2022 |
||||||||||||
|
Customer
|
Sales |
Mo. Sales
|
|
Customer
|
Sales |
Mo. Sales
|
|
Customer
|
Sales |
Mo. Sales
|
||||||
Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1,987 |
$ |
819.2 |
$ |
137,427 |
|
1,916 |
$ |
778.0 |
$ |
135,351 |
|
1,638 |
$ |
623.3 |
$ |
126,842 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
8,263 |
|
1,230.0 |
|
49,619 |
|
8,202 |
|
1,186.9 |
|
48,236 |
|
7,632 |
|
1,007.9 |
|
44,021 |
|
4,448 |
|
95.3 |
|
7,142 |
|
4,561 |
|
97.3 |
|
7,111 |
|
4,601 |
|
98.2 |
|
7,114 |
< |
31,999 |
|
104.7 |
|
1,091 |
|
34,614 |
|
109.8 |
|
1,057 |
|
39,864 |
|
117.0 |
|
978 |
Other sales (5) |
— |
|
11.1 |
|
— |
|
— |
|
11.9 |
|
— |
|
— |
|
12.5 |
|
— |
Total manufacturing sales |
44,710 |
$ |
1,441.1 |
$ |
10,661 |
|
47,377 |
$ |
1,405.9 |
$ |
9,809 |
|
52,097 |
$ |
1,235.6 |
$ |
7,826 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-manufacturing |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
353 |
$ |
116.0 |
$ |
109,537 |
|
327 |
$ |
108.8 |
$ |
110,907 |
|
305 |
$ |
107.8 |
$ |
117,814 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,890 |
|
265.7 |
|
30,646 |
|
2,738 |
|
249.4 |
|
30,363 |
|
2,634 |
|
245.2 |
|
31,030 |
|
2,888 |
|
60.8 |
|
7,018 |
|
2,857 |
|
60.1 |
|
7,012 |
|
2,862 |
|
60.0 |
|
6,988 |
< |
59,156 |
|
116.3 |
|
655 |
|
67,715 |
|
129.9 |
|
639 |
|
83,179 |
|
142.8 |
|
572 |
Other sales (5) |
— |
|
11.2 |
|
— |
|
— |
|
13.8 |
|
— |
|
— |
|
20.5 |
|
— |
Total non-manufacturing sales |
64,934 |
$ |
454.0 |
$ |
2,273 |
|
73,310 |
$ |
453.2 |
$ |
1,997 |
|
88,675 |
$ |
468.5 |
$ |
1,684 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,340 |
$ |
935.1 |
$ |
133,205 |
|
2,243 |
$ |
886.8 |
$ |
131,788 |
|
1,943 |
$ |
731.1 |
$ |
125,425 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
11,153 |
|
1,495.7 |
|
44,702 |
|
10,940 |
|
1,436.3 |
|
43,763 |
|
10,266 |
|
1,253.2 |
|
40,691 |
|
7,336 |
|
156.2 |
|
7,097 |
|
7,418 |
|
157.4 |
|
7,073 |
|
7,463 |
|
158.2 |
|
7,066 |
< |
91,155 |
|
221.0 |
|
808 |
|
102,329 |
|
239.7 |
|
781 |
|
123,043 |
|
259.8 |
|
704 |
Other sales (5) |
— |
|
22.2 |
|
— |
|
— |
|
25.7 |
|
— |
|
— |
|
32.9 |
|
— |
Total net sales |
109,644 |
$ |
1,895.1 |
$ |
5,694 |
|
120,687 |
$ |
1,859.1 |
$ |
5,064 |
|
140,772 |
$ |
1,704.1 |
$ |
3,957 |
| (1) | Customer sites represent the number of customer locations served by our in-market network. Individual customers with multiple locations across multiple in-market locations will have multiple customer sites. |
|
| (2) | Customer sites are an average of the number of customer sites calculated each month. |
|
| (3) | Monthly sales per customer site totals do not include the sales from other sales lines, as there is no customer site count associated with it. This column is not rounded to the millions and represents the exact dollar amount. |
|
| (4) |
|
|
| (5) | Other sales represent impacts to sales that are not tied to a specific site or in-market location. This includes certain service fees, cash sales, direct product sales, etc. |
|
Q2 2024 |
|
Q2 2023 |
|
Q2 2022 |
||||||||||||
|
Customer
|
Sales |
Mo. Sales
|
|
Customer
|
Sales |
Mo. Sales
|
|
Customer
|
Sales |
Mo. Sales
|
||||||
Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,021 |
$ |
835.8 |
$ |
137,853 |
|
1,922 |
$ |
801.5 |
$ |
139,005 |
|
1,734 |
$ |
671.9 |
$ |
129,162 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
8,369 |
|
1,250.3 |
|
49,799 |
|
8,239 |
|
1,211.8 |
|
49,027 |
|
7,912 |
|
1,071.4 |
|
45,138 |
|
4,434 |
|
94.9 |
|
7,134 |
|
4,544 |
|
97.2 |
|
7,130 |
|
4,601 |
|
98.1 |
|
7,107 |
< |
32,009 |
|
104.6 |
|
1,089 |
|
34,148 |
|
107.8 |
|
1,052 |
|
39,029 |
|
117.7 |
|
1,005 |
Other sales (5) |
— |
|
11.1 |
|
— |
|
— |
|
11.5 |
|
— |
|
— |
|
12.6 |
|
— |
Total manufacturing sales |
44,812 |
$ |
1,460.9 |
$ |
10,784 |
|
46,931 |
$ |
1,428.3 |
$ |
10,063 |
|
51,542 |
$ |
1,299.8 |
$ |
8,325 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-manufacturing |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
365 |
$ |
120.0 |
$ |
109,589 |
|
316 |
$ |
110.1 |
$ |
116,139 |
|
304 |
$ |
106.9 |
$ |
117,215 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,849 |
|
267.1 |
|
31,251 |
|
2,758 |
|
255.4 |
|
30,868 |
|
2,747 |
|
251.1 |
|
30,470 |
|
2,849 |
|
59.9 |
|
7,008 |
|
2,891 |
|
60.8 |
|
7,010 |
|
2,969 |
|
62.2 |
|
6,983 |
< |
58,844 |
|
116.6 |
|
661 |
|
66,518 |
|
125.8 |
|
630 |
|
81,987 |
|
144.5 |
|
587 |
Other sales (5) |
— |
|
11.7 |
|
— |
|
— |
|
12.8 |
|
— |
|
— |
|
21.0 |
|
— |
Total non-manufacturing sales |
64,542 |
$ |
455.3 |
$ |
2,290 |
|
72,167 |
$ |
454.8 |
$ |
2,042 |
|
87,703 |
$ |
478.8 |
$ |
1,740 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,386 |
$ |
955.8 |
$ |
133,529 |
|
2,238 |
$ |
911.6 |
$ |
135,776 |
|
2,038 |
$ |
778.8 |
$ |
127,380 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
11,218 |
|
1,517.4 |
|
45,088 |
|
10,997 |
|
1,467.2 |
|
44,473 |
|
10,659 |
|
1,322.5 |
|
41,358 |
|
7,283 |
|
154.8 |
|
7,085 |
|
7,435 |
|
158.0 |
|
7,084 |
|
7,570 |
|
160.3 |
|
7,059 |
< |
90,853 |
|
221.2 |
|
812 |
|
100,666 |
|
233.6 |
|
774 |
|
121,016 |
|
262.2 |
|
722 |
Other sales (5) |
— |
|
22.8 |
|
— |
|
— |
|
24.3 |
|
— |
|
— |
|
33.6 |
|
— |
Total net sales |
109,354 |
$ |
1,916.2 |
$ |
5,771 |
|
119,098 |
$ |
1,883.1 |
$ |
5,202 |
|
139,245 |
$ |
1,778.6 |
$ |
4,177 |
| (1) | Customer sites represent the number of customer locations served by our in-market network. Individual customers with multiple locations across multiple in-market locations will have multiple customer sites. |
|
| (2) | Customer sites are an average of the number of customer sites calculated each month. |
|
| (3) | Monthly sales per customer site totals do not include the sales from other sales lines, as there is no customer site count associated with it. This column is not rounded to the millions and represents the exact dollar amount. |
|
| (4) |
|
|
| (5) | Other sales represent impacts to sales that are not tied to a specific site or in-market location. This includes certain service fees, cash sales, direct product sales, etc. |
|
Q3 2024 |
|
Q3 2023 |
|
Q3 2022 |
||||||||||||
|
Customer
|
Sales |
Mo. Sales
|
|
Customer
|
Sales |
Mo. Sales
|
|
Customer
|
Sales |
Mo. Sales
|
||||||
Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,025 |
$ |
827.9 |
$ |
136,280 |
|
1,880 |
$ |
771.8 |
$ |
136,844 |
|
1,796 |
$ |
711.4 |
$ |
132,034 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
8,318 |
|
1,240.2 |
|
49,699 |
|
8,073 |
|
1,176.8 |
|
48,590 |
|
7,974 |
|
1,112.7 |
|
46,514 |
|
4,465 |
|
95.5 |
|
7,130 |
|
4,453 |
|
95.4 |
|
7,141 |
|
4,563 |
|
97.5 |
|
7,123 |
< |
31,245 |
|
103.6 |
|
1,105 |
|
33,208 |
|
105.9 |
|
1,063 |
|
37,117 |
|
114.7 |
|
1,030 |
Other sales (5) |
— |
|
11.7 |
|
— |
|
— |
|
11.2 |
|
— |
|
— |
|
12.1 |
|
— |
Total manufacturing sales |
44,028 |
$ |
1,451.0 |
$ |
10,897 |
|
45,734 |
$ |
1,389.3 |
$ |
10,044 |
|
49,654 |
$ |
1,337.0 |
$ |
8,894 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-manufacturing |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
376 |
$ |
122.9 |
$ |
108,954 |
|
320 |
$ |
109.4 |
$ |
113,958 |
|
303 |
$ |
101.3 |
$ |
111,441 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,962 |
|
277.0 |
|
31,173 |
|
2,878 |
|
260.4 |
|
30,160 |
|
2,778 |
|
245.8 |
|
29,494 |
|
2,862 |
|
60.5 |
|
7,046 |
|
2,942 |
|
62.0 |
|
7,025 |
|
2,925 |
|
61.4 |
|
6,997 |
< |
56,424 |
|
113.5 |
|
671 |
|
63,255 |
|
121.5 |
|
640 |
|
76,035 |
|
138.9 |
|
609 |
Other sales (5) |
— |
|
8.2 |
|
— |
|
— |
|
12.7 |
|
— |
|
— |
|
19.3 |
|
— |
Total non-manufacturing sales |
62,248 |
$ |
459.2 |
$ |
2,415 |
|
69,075 |
$ |
456.6 |
$ |
2,143 |
|
81,738 |
$ |
465.4 |
$ |
1,820 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,401 |
$ |
950.8 |
$ |
132,001 |
|
2,200 |
$ |
881.2 |
$ |
133,515 |
|
2,099 |
$ |
812.6 |
$ |
129,046 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
11,280 |
|
1,517.2 |
|
44,835 |
|
10,951 |
|
1,437.2 |
|
43,746 |
|
10,752 |
|
1,358.6 |
|
42,119 |
|
7,327 |
|
156.0 |
|
7,097 |
|
7,395 |
|
157.4 |
|
7,095 |
|
7,488 |
|
158.9 |
|
7,074 |
< |
87,669 |
|
217.1 |
|
825 |
|
96,463 |
|
227.5 |
|
786 |
|
113,152 |
|
253.5 |
|
747 |
Other sales (5) |
— |
|
19.9 |
|
— |
|
— |
|
23.8 |
|
— |
|
— |
|
31.4 |
|
— |
Total net sales |
106,276 |
$ |
1,910.2 |
$ |
5,929 |
|
114,809 |
$ |
1,845.9 |
$ |
5,290 |
|
131,392 |
$ |
1,802.4 |
$ |
4,493 |
| (1) | Customer sites represent the number of customer locations served by our in-market network. Individual customers with multiple locations across multiple in-market locations will have multiple customer sites. |
|
| (2) | Customer sites are an average of the number of customer sites calculated each month. |
|
| (3) | Monthly sales per customer site totals do not include the sales from other sales lines, as there is no customer site count associated with it. This column is not rounded to the millions and represents the exact dollar amount. |
|
| (4) |
|
|
| (5) | Other sales represent impacts to sales that are not tied to a specific site or in-market location. This includes certain service fees, cash sales, direct product sales, etc. |
|
Q4 2024 |
|
Q4 2023 |
|
Q4 2022 |
||||||||||||
|
Customer
|
Sales |
Mo. Sales
|
|
Customer
|
Sales |
Mo. Sales
|
|
Customer
|
Sales |
Mo. Sales
|
||||||
Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
1,945 |
$ |
779.4 |
$ |
133,573 |
|
1,788 |
$ |
720.0 |
$ |
134,228 |
|
1,678 |
$ |
664.6 |
$ |
132,022 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
7,921 |
|
1,169.7 |
|
49,224 |
|
7,680 |
|
1,104.6 |
|
47,943 |
|
7,537 |
|
1,043.5 |
|
46,150 |
|
4,271 |
|
91.3 |
|
7,126 |
|
4,311 |
|
92.3 |
|
7,137 |
|
4,334 |
|
93.0 |
|
7,153 |
< |
30,286 |
|
101.9 |
|
1,122 |
|
31,927 |
|
102.6 |
|
1,071 |
|
34,696 |
|
106.4 |
|
1,022 |
Other sales (5) |
— |
|
3.8 |
|
— |
|
— |
|
11.8 |
|
— |
|
— |
|
12.0 |
|
— |
Total manufacturing sales |
42,478 |
$ |
1,366.7 |
$ |
10,695 |
|
43,918 |
$ |
1,311.3 |
$ |
9,864 |
|
46,567 |
$ |
1,254.9 |
$ |
8,898 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-manufacturing |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
385 |
$ |
132.8 |
$ |
114,978 |
|
332 |
$ |
109.9 |
$ |
110,341 |
|
319 |
$ |
102.1 |
$ |
106,688 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,916 |
|
285.3 |
|
32,613 |
|
2,894 |
|
262.6 |
|
30,246 |
|
2,631 |
|
237.9 |
|
30,141 |
|
2,677 |
|
56.4 |
|
7,023 |
|
2,767 |
|
58.6 |
|
7,059 |
|
2,826 |
|
59.2 |
|
6,983 |
< |
52,364 |
|
106.7 |
|
679 |
|
58,825 |
|
114.5 |
|
649 |
|
67,392 |
|
127.4 |
|
630 |
Other sales (5) |
— |
|
9.4 |
|
— |
|
— |
|
11.6 |
|
— |
|
— |
|
16.2 |
|
— |
Total non-manufacturing sales |
57,957 |
$ |
457.8 |
$ |
2,579 |
|
64,486 |
$ |
447.3 |
$ |
2,252 |
|
72,849 |
$ |
440.7 |
$ |
1,942 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2,330 |
$ |
912.2 |
$ |
130,501 |
|
2,120 |
$ |
830.0 |
$ |
130,503 |
|
1,997 |
$ |
766.7 |
$ |
127,975 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
10,837 |
|
1,455.0 |
|
44,754 |
|
10,574 |
|
1,367.2 |
|
43,099 |
|
10,168 |
|
1,281.3 |
|
42,004 |
|
6,948 |
|
147.7 |
|
7,086 |
|
7,078 |
|
150.9 |
|
7,107 |
|
7,160 |
|
152.2 |
|
7,086 |
< |
82,650 |
|
208.6 |
|
841 |
|
90,752 |
|
217.1 |
|
797 |
|
102,088 |
|
233.8 |
|
763 |
Other sales (5) |
— |
|
13.2 |
|
— |
|
— |
|
23.4 |
|
— |
|
— |
|
28.3 |
|
— |
Total net sales |
100,435 |
$ |
1,824.5 |
$ |
6,012 |
|
108,404 |
$ |
1,758.6 |
$ |
5,336 |
|
119,416 |
$ |
1,695.6 |
$ |
4,654 |
| (1) | Customer sites represent the number of customer locations served by our in-market network. Individual customers with multiple locations across multiple in-market locations will have multiple customer sites. |
|
| (2) | Customer sites are an average of the number of customer sites calculated each month. |
|
| (3) | Monthly sales per customer site totals do not include the sales from other sales lines, as there is no customer site count associated with it. This column is not rounded to the millions and represents the exact dollar amount. |
|
| (4) |
|
|
| (5) | Other sales represent impacts to sales that are not tied to a specific site or in-market location. This includes certain service fees, cash sales, direct product sales, etc. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250410505797/en/
Taylor Ranta Oborski
Accounting Manager
507.313.7959
Source: Fastenal Company
