Fastenal reports 3.5% increase in net sales, aims for $10 billion revenue

From Investing.com: 2024-10-13 05:35:15

In its Q3 2024 earnings call, Fastenal Company reported a 3.5% increase in net sales and a 1% rise in earnings per share to $0.52. The company’s daily sales rate grew by 1.9% despite challenges from Hurricane Helene. key takeaways include increased eCommerce sales by 25.5% and a focus on expanding Onsite locations. Fastenal aims to reach 375-400 active Onsite locations and projects lower CapEx in 2025 compared to the current $250 million run rate. The company targets $10 billion in future revenue, with bullish highlights including government account sales growth, and bearish highlights such as decreased gross margin. Management is focusing on customer acquisition and enhancing digital and Onsite offerings for future growth.



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