Fastenal’s February sales rose by 5% on a daily average basis compared to the second month of 2023, company officials said Thursday.
The monthly total of $627 million in net sales was flat year-over-year, but last month included an additional selling day.
The Minnesota-based distributor’s daily sales growth was paced by an 8.5% increase in safety products, but sales of the company’s fasteners — which have lagged in recent months — also grew by 0.6%. Sales in other categories were up by 6.8%
Fastenal’s U.S. sales, which accounted for 83% of its total, were up 4.5%, while sales in Canada and Mexico — which made up most of its remaining revenue — rose by 7.4% compared to the same month last year.
Sales to heavy manufacturing customers were up by 4.8% and sales tied to other manufacturers climbed by more than 10%; sales in the comparatively smaller non-residential construction segment fell by 6.7%
Fastenal — the no. 4 distributor on ID’s 2024 Big 50 — has reported monthly sales increases in each of the first two months of the year following a fourth quarter that, despite a year-over-year increase, fell short of analysts’ expectations.
