The 2020 Mid-Year Economic Update_long

Fastenal’s Sales Flat in 2Q

"The absence of pandemic-related impacts produced significant shifts" in Fastenal's product mix, meaning fastener sales were up and safety sales were down.
Fastenal 2Q 2021 sales

Fastenal Co. (Nasdaq: FAST), Winona, Minnesota, reported second-quarter sales of $1.5 billion, down 0.1% compared with same period a year ago. Quarterly profit was $239.7 million, a 0.4% increase compared to the year-ago period.

Sales for the first six months were $2.9 billion, a 1.7% increase compared with the first six months of 2020. Profit for the first six months increased 2% to $450.3 million.

Fastener daily sales grew 28.4% in 2Q 2021 compared to the year-ago quarter and represented 33.6% of net sales. Improvement from last year reflected higher manufacturing and construction demand.

Safety product daily sales declined 38.6% in 2Q 2021 compared to the year-ago period and represented 21% of net sales. The decline reflected the absence of surge-related PPE sales, only partly offset by improvements in manufacturing and construction demand.

Other products daily sales grew 12.9% in 2Q 2021 compared to the year-ago period and represented 45.4% of net sales. Improvement from 2020 reflected higher manufacturing and construction demand, only partly offset by the absence of surge-related sanitation sales.

“The absence of pandemic-related impacts produced significant shifts in the product mix of our business in the second quarter of 2021,” the company said in a release.

June sales increased 1.7% to $533.4 million over the year-ago period. The company reported daily sales of $24.2 million, also up 1.7% versus a year ago.

By region in June, daily sales grew 10.5% in the U.S., dipped 1.2% in Canada/Mexico and increased 14.1 percent in the rest of the world. By end market, daily manufacturing sales improved 24.3% while non-residential construction grew 2.5%.

Looking at product lines, safety sales sank 30.3%, the company said. Fastener sales increased 24.4% and the “other” category was up 10.4%.

Photo courtesy Fastenal Co.

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