Construction Supply Demand Benefits Fastenal

Fastenal Company had net sales of $1,554.2 million for the third quarter of 2021, a 10 per cent increase over net sales of $1,413.3 million in the third quarter of 2020. The increase was a result of demand for manufacturing and construction equipment and supplies. Fastener daily sales grew 20.2 per cent year-over-year and represented 33.4 per cent of net sales, safety product daily sales declined 2.9 per cent and represented 21.1 per cent of net sales, and other products daily sales grew 9.2 per cent and represented 45.5 per cent of net sales. Gross profit, as a percentage of net sales, increased 100 basis points to 46.3 per cent in the third quarter from 45.3 per cent in the year-ago period. Operating income, as a percentage of net sales, was unchanged at 20.5 per cent. Net earnings were $243.5 million, an increase of 9.9 per cent over net earnings of $221.5 million last year.