Fastenal on Monday reported double-digit increases in sales, profits and earnings in its latest quarter.
But although the company’s third-quarter revenue met Wall Street projections, its earnings reportedly fell just shy of forecasts.
The Minnesota fastener and industrial supply distributor — no. 4 on ID’s 2025 Big 50 — posted $2.13 billion in net sales, up 11.7% on both an overall and a daily average basis compared to the same quarter last year.
Gross profit came in up 12.5% over that span at $965.8 million, while net income rose by 12.6% year-over-year to $335.5 million.
Fastenal officials said that although industrial production remained sluggish in the July-September window, the company saw improved customer contract signings over the past year and a half, as well as experienced growth in average monthly sales per site “across all customer spend categories” — particularly those spending at least $10,000 with the company each month.
Officials added that foreign exchange rates bolstered its sales numbers by 10 basis points, while product pricing raised its quarterly net sales by some 240 to 270 basis points. Fastenal CEO Dan Florness said this spring that the company had raised prices on “some” products in response to tariffs imposed by the Trump administration.
Fastenal reported that its fastener line benefited from “pricing actions” in the second and third quarters, as well as better product availability and large customer signings in the latest period. Growth in the safety product category, meanwhile, stemmed from an increased vending installed base, less volatile PPE demand, and demand from data centers.
The company’s manufacturing sales were up 12.7% in the quarter, while non-residential construction rose by 7.5%. Other categories, in total, were up by just shy of 9%.
“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,” Fastenal officials wrote in a statement.
The company also reported a 15.7% increase in its September sales on Monday, including growth across all product categories, end markets and geographic segments.
