Sector: Industrials|Industry: Industrial Distribution|Market Cap: $42.77B|Employees: 23.2K
Fastenal Company is a North American leader in the wholesale distribution of industrial and construction supplies, primarily through a network of branches and Onsite locations. The company's core business model focuses on providing a wide range of products and services to reduce customers' total cost of procurement. Fastenal has a strong market position due to its extensive in-market location coverage and ability to offer a full range of products and services. The company operates primarily in North America, with a growing presence in other international markets.
Net sales increased by $36.1 million, or 1.9%, compared to the first quarter of 2023, reaching $1,895.1 million. This growth was primarily driven by higher unit sales, with product pricing having a minimal impact.
Gross profit margin decreased to 45.5% in Q1 2024 from 45.7% in Q1 2023, influenced by customer and product mix, with stronger growth in large accounts and non-fastener products, which have lower margins.
Net income increased to $297.7 million in Q1 2024, a 0.9% increase compared to $295.1 million in Q1 2023. Diluted net income per share remained unchanged at $0.52.