Fastenal saw higher sales in May compared to the same month last year amid growth in manufacturing and other end markets.
The Minnesota-based fastener and industrial product distributor posted nearly $659 million in May revenue, up 1.5% from May 2023’s total of $649 million. The company’s U.S. sales rose by 1.6% over that span, while its combined sales in Canada and Mexico edged up by 0.3%.
Sales to the heavy manufacturing and “other” manufacturing segments rose by 1.5% and 2.9%, respectively, offsetting declines of more than 6% in the reseller and non-residential construction markets. Sales outside of those categories rose by 8.7%.
The company’s fastener sales slipped by just more than 4% year-over-year, which was offset by a 7.5% jump in safety products and a 3% rise in other categories. Sales to national accounts climbed by 6% as non-national account sales fell by 5%. The company’s “Fastenal Managed Inventory” program saw 6% growth, while its “eProcurement” operations rose by 26%.
Fastenal ranked at no. 5 on ID’s latest Big 50.
