Fastenal's 2021 Sales Topped $6B as it Closed 220 Branches, Ramped Up Onsites
Views :304
| Exhibition Info
Exhibition Name: Fastenal's 2021 Sales Topped $6B as it Closed 220 Branches, Ramped Up Onsites
| Exhibition introduction
The company's sales and profit growth accelerated further in Q4 as the company entered 2022 with strong momentum.


Fastenal reported its 2021 fourth quarter and full-year financial results on Jan. 19, with the figures showing continued strong sales and profit growth that accelerated throughout the year, ending it with double-digit year-over-year sales and profit growth in Q4.

Fourth Quarter

The Winona, MN-based company — No. 4 on Industrial Distribution's 2021 Big 50 List — reported total Q4 sales of $1.53 billion, up 12.8 percent-year-over-year and up 14.6 percent on a daily sales basis. That was up from 10.0 percent year-over-year growth in Q3.

Fastenal's Q4 gross profit improved 15.2 percent year-over-year at margin of 46.5 percent, while operating profit of $301 million increased 13.8 percent at margin of 19.6 percent. The company's Q4 total profit of $231 million jumped 17.9 percent.

The company ended the quarter and year with accelerating momentum, as December sales grew 11.0 percent year-over-year and 16.5 percent on a daily basis, outpacing November's daily sales growth rate of 13.2 percent.

"The fourth quarter of 2021 continued to experience strong, economically-driven growth in underlying demand for manufacturing and construction equipment and supplies, which drove higher unit sales that contributed to the increase in net sales in the period," the company said in its earnings release. "This strength was aided by fewer holiday-related customer facility shut-downs than we typically experience."

Other Fastenal Q4 notes:

--Fastenal ended Q4 with 1,793 public branch locations, down 10.5 percent year-over-year and down 66, or 3.6 percent, from Q3. The company opened two public branches in Q4 and closed 68, while activating 65 Onsite locations and closing 16. For all of 2021, Fastenal opened 10 branches and closed 220 while activating 242 Onsite locations and closing 91. From 2018-2021, Fastenal's branch count has gone from 2,227 to 1,793, while its active Onsites count has gone from 894 to 1,416.

--Fastenal ended Q4 with a total absolute headcount of 20,507, up 0.7 percent year-over-year and up 1.4 percent from Q3. Total full-time-equivalent headcount grew 3.0 percent year-over-year and 2.9 percent from Q3.

--Fastener daily sales increased 24.2 percent year-over-year and represented 33.5 percent of total sales, compared to 30.8 percent and 33.6 percent of net sales in Q4 2020 and Q4 2019, respectively.

--Safety products represented 21.4 percent of Q4 net sales, compared to 23.5 percent and 18.7 percent in Q4 2020 and Q4 2019, respectively.

--Daily sales of other products increased 12.8 percent year-over-year and represented 45.1 percent of net sales, compared to 45.7 percent and 47.7 percent of net sales in Q4 2020 and Q4 2019, respectively.

--Daily sales to national account customers increased 19.9 percent year-over-year, with 82 of the company's top 100 national account customers experiencing growth (including 87 of top 100 in December). National accounts represented 57.8 percent of total Q4 sales.

--Daily sales to non-national account customers, including government, increased 7.6 percent, and igrew in the mid-teens when excluding government.

--Employee-related expenses increased 16.5 percent year-over-year. The company noted higher wages and a significant increase in bonus and commission payments that reflected improved business activity and financial performance vs. 2020.

Full-Year Sales & Profit

For the full-year, Fastenal posted total 2021 sales of $6.011 billion, up 6.4 percent over 2020, with daily sales up 7.3 percent. Gross profit of $2.78 billion improved 8.2 percent at margin of 46.2 percent, while operating profit of $1.22 billion increased 6.6 percent at margin of 20.3 percent. The company's 2021 net profit of $925 million improved 7.7 percent over 2020.

Source: Industrial Distribution
经营许可证编号:粤B2-20210752号丨备案号:粤ICP备09029740号
粤公网安备 44011102001662号
技术支持:广东金蜘蛛电脑网络有限公司
Golden Spider Network Co., Ltd.