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Fastenal Q3 Earnings Tops Estimates

  • Fastenal Co (NASDAQ: FAST) reported third-quarter FY22 sales growth of 16% year-on-year to $1.80 billion, beating the consensus of $1.79 billion.

  • Digital Footprint represented 49.5% of sales in Q3, an increase from 43.7% in 3Q21.

  • Gross profit improved by 14.8% to $826.5 million, while the gross margin contracted 40 basis points to 45.9%.

  • The operating income increased by 19.1% Y/Y to $379.2 million, and the margin expanded 50 bps to 21%.

  • Net earnings were $284.6 million, an increase of 16.9% Y/Y. EPS improved to $0.50 from $0.42 in 3Q21, beating the consensus of $0.48.

  • Weighted FASTVend/FASTBin signings (MEUs) were 5,187 up 7.8% from 4,813 a year ago.

  • Fastenal generated cash from operating activities for the quarter of $257.9 million (+54.1% Y/Y).

  • Long-term debt was $404.7 million at the end of the quarter. It held cash and equivalents of $231.5 million as of September 30, 2022.

  • The company signed 86 new Onsite locations in the quarter. It continues to anticipate signing 375 to 400 Onsites in 2022, though it currently leans towards the lower half of this range, given year-to-date signings.

  • The company expects the 2022 signings goal for weighted FASTBin and FASTVend devices to be 21,000 to 23,000 MEUs.

  • Price Action: FAST shares are trading lower by 1.95% at $44.78 on the last check Thursday.

  • Photo Via Company

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