Fastenal Company (Nasdaq:FAST), a leader in the wholesale
distribution of industrial and construction supplies, today
announced its financial results for the quarter and year ended
December 31, 2023. Except for share and per share information, or
as otherwise noted below, dollar amounts are stated in millions.
Throughout this document, percentage and dollar calculations, which
are based on non-rounded dollar values, may not be able to be
recalculated using the dollar values included in this document due
to the rounding of those dollar values. References to daily sales
rate (DSR) change may reflect either growth (positive) or
contraction (negative) for the applicable period.
PERFORMANCE SUMMARY
Twelve-month Period
Three-month Period
2023
2022
Change
2023
2022
Change
Net sales
$ 7,346.7
6,980.6
5.2%
$ 1,758.6
1,695.6
3.7%
Business days
253
254
62
62
Daily sales
$ 29.0
27.5
5.7%
$ 28.4
27.3
3.7%
Gross profit
$ 3,354.5
3,215.8
4.3%
$ 799.4
768.4
4.0%
% of net sales
45.7%
46.1%
45.5%
45.3%
Operating and administrative expenses
$ 1,825.8
1,762.2
3.6%
$ 445.5
435.4
2.3%
% of net sales
24.9%
25.2%
25.3%
25.7%
Operating income
$ 1,528.7
1,453.6
5.2%
$ 353.9
333.0
6.3%
% of net sales
20.8%
20.8%
20.1%
19.6%
Earnings before income taxes
$ 1,522.0
1,440.0
5.7%
$ 354.2
328.2
7.9%
% of net sales
20.7%
20.6%
20.1%
19.4%
Net earnings
$ 1,155.0
1,086.9
6.3%
$ 266.4
245.6
8.5%
Diluted net earnings per share
$ 2.02
1.89
6.7%
$ 0.46
0.43
8.4%
Note – Daily sales are defined as the
total net sales for the period divided by the number of business
days (in the United States) in the period.
QUARTERLY RESULTS OF OPERATIONS
Sales
Net sales increased $63.0, or 3.7%, in the fourth quarter of
2023 when compared to the fourth quarter of 2022. The number of
business days were the same in both periods. We experienced higher
unit sales in the fourth quarter of 2023 primarily due to growth at
our Onsite locations, particularly those newly opened in 2023 and
2022, and with large customers. Foreign exchange positively
affected sales in the fourth quarter of 2023 by approximately 10
basis points as compared to negatively affecting sales in the
fourth quarter of 2022 by approximately 90 basis points.
The impact of product pricing on net sales in the fourth quarter
of 2023 was modestly positive, consistent with historical trends,
as compared to the impact of product pricing on net sales in the
fourth quarter of 2022 of 350 to 380 basis points. Incremental
pricing actions over the past twelve months have been modest in
scope, resulting in mostly stable price levels through the fourth
quarter of 2023.
From a product standpoint, we have three categories: fasteners,
safety supplies, and other products, the latter of which includes
eight smaller product categories, such as tools, janitorial
supplies, and cutting tools. We continued to experience a
divergence in the performance of our fastener versus our
non-fastener product lines in the fourth quarter of 2023, which we
believe relates to three factors. First, fasteners are more heavily
oriented toward production of final goods than maintenance, which
results in greater susceptibility to periods of weaker industrial
production. Second, pricing for fasteners has decelerated at a
faster pace than non-fastener products. Third, growth in our safety
products accelerated through the period due to improved
holiday-related sales to support the operations of our
retailer-oriented customers, product mix, and easier comparisons.
This factor was largely due to customers with large distribution
center networks that are within our other end markets category. The
DSR change when compared to the same period in the prior year and
the percent of sales in the period were as follows:
DSR Change
Three-month Period
% of Sales
Three-month Period
2023
2022
2023
2022
Fasteners
-2.3%
9.1%
31.1%
33.0%
Safety supplies
9.4%
10.7%
22.5%
21.3%
Other
5.3%
12.1%
46.4%
45.7%
Our end markets consist of manufacturing, non-residential
construction, reseller, and other, the latter of which includes
government/education and transportation/warehousing. A couple of
trends are playing out in our end markets. First, we continued to
experience a divergence in the performance of our manufacturing end
market versus our non-manufacturing end markets in the fourth
quarter of 2023. We are growing relatively faster with key account
customers with significant managed spend where our service model
and technology is particularly impactful, which disproportionately
benefits manufacturing customers. Second, other end markets
benefited from significant growth to support the operations of our
retailer-oriented customers during the holiday shopping season,
product mix, and easier comparisons. This trend largely reflected
the purchase of safety products by customers with large
distribution center networks. The DSR change when compared to the
same period in the prior year and the percent of sales in the
period were as follows:
DSR Change
Three-month Period
% of Sales
Three-month Period
2023
2022
2023
2022
Heavy manufacturing
5.8%
19.3%
42.5%
41.7%
Other manufacturing
3.3%
11.8%
31.1%
31.2%
Non-residential construction
-7.4%
-0.6%
8.8%
9.8%
Reseller
-7.9%
-3.1%
5.6%
6.3%
Other end markets
13.5%
0.3%
12.0%
11.0%
We report our customers in two categories: national accounts,
which are customers with significant revenue potential and a
national, multi-site contract, and non-national accounts, which
include large regional customers, small local customers, and
government customers. We continued to experience a significant
divergence in the performance of our national account customers
versus our non-national account customers, which relates to the
relative growth of our sales through Onsite locations and larger,
key accounts. The DSR change when compared to the same period in
the prior year and the percent of sales in the period were as
follows:
DSR Change
Three-month Period
% of Sales
Three-month Period
2023
2022
2023
2022
National accounts
8.5%
15.0%
62.0%
58.9%
Non-national accounts
-3.2%
5.6%
38.0%
41.1%
Growth Drivers
- We signed 58 new Onsite locations (defined as dedicated sales
and service provided from within, or in proximity to, the
customer's facility) in the fourth quarter of 2023, resulting in
326 new Onsite location signings for the full-year. The number of
signings was below our expectations reflecting a lengthening of the
sales cycle due to softer business conditions and the ongoing
training of a pipeline of managers to staff future signings. We had
1,822 active sites on December 31, 2023, which represented an
increase of 12.3% from December 31, 2022. Daily sales through our
Onsite locations, excluding sales transferred from branches to new
Onsites, grew at a mid single-digit rate in the fourth quarter of
2023 over the fourth quarter of 2022. This growth is primarily due
to contributions from Onsites activated and implemented in 2023 and
2022. Our goal for Onsite signings in 2024 is 375 to 400.
- FMI Technology is comprised of our FASTStock℠ (scanned stocking
locations), FASTBin® (infrared, RFID, and scaled bins), and
FASTVend® (vending devices) offering. FASTStock's fulfillment
processing technology is not embedded, is relatively less expensive
and highly flexible in application, and delivered using our
proprietary mobility technology. FASTBin and FASTVend incorporate
highly efficient and powerful embedded data tracking and
fulfillment processing technologies. Prior to 2021, we reported
exclusively on the signings, installations, and sales of FASTVend.
Beginning in the first quarter of 2021, we began disclosing certain
statistics around our FMI offering. The first statistic is a
weighted FMI® measure which combines the signings and
installations of FASTBin and FASTVend in a standardized machine
equivalent unit (MEU) based on the expected output of each type of
device. We do not include FASTStock in this measurement because
scanned stocking locations can take many forms, such as bins,
shelves, cabinets, pallets, etc., that cannot be converted into a
standardized MEU. The second statistic is sales through FMI
Technology which combines the sales through FASTStock, FASTBin,
and FASTVend. A portion of the growth in sales experienced by FMI,
particularly FASTStock and FASTBin, reflects the migration of
products from less efficient non-digital stocking locations to more
efficient, digital stocking locations.
The table below summarizes the signings and installations of,
and sales through, our FMI devices.
Twelve-month Period
Three-month Period
2023
2022
Change
2023
2022
Change
Weighted FASTBin/FASTVend signings
(MEUs)
24,126
20,735
16.4%
5,462
4,730
15.5%
Signings per day
95
82
88
76
Weighted FASTBin/FASTVend installations
(MEUs; end of period)
113,138
102,151
10.8%
FASTStock sales
$ 927.6
832.0
11.5%
$ 219.0
210.4
4.1%
% of sales
12.5%
11.8%
12.3%
12.3%
FASTBin/FASTVend sales
$ 2,070.2
1,755.3
17.9%
$ 519.6
453.0
14.7%
% of sales
27.8%
24.9%
29.2%
26.4%
FMI sales
$ 2,997.8
2,587.3
15.9%
$ 738.6
663.4
11.3%
FMI daily sales
$ 11.8
10.2
16.3%
$ 11.9
10.7
11.3%
% of sales
40.3%
36.7%
41.5%
38.7%
Our goal for weighted FASTBin and FASTVend device signings in
2024 is 26,000 to 28,000 MEUs.
- Our eCommerce business includes sales made through an
electronic data interface (EDI), or other types of technical
integrations, and through our web verticals. Daily sales through
eCommerce grew 28.3% in the fourth quarter of 2023 and represented
24.8% of our total sales in the period.
Our digital products and services are comprised of sales through
FMI (FASTStock, FASTBin, and FASTVend) plus that proportion of our
eCommerce sales that do not represent billings of FMI services
(collectively, our Digital Footprint). We believe the data that is
created through our digital capabilities enhances product
visibility, traceability, and control that reduces risk in
operations and creates ordering and fulfillment efficiencies for
both ourselves and our customers. As a result, we believe our
opportunity to grow our business will be enhanced through the
continued development and expansion of our digital
capabilities.
Our Digital Footprint in the fourth quarter of 2023 represented
58.1% of our sales, an increase from 52.6% of sales in the fourth
quarter of 2022.
Gross Profit
Our gross profit, as a percentage of net sales, increased to
45.5% in the fourth quarter of 2023 from 45.3% in the fourth
quarter of 2022. Product margins improved in fasteners and, to a
lesser degree, safety. We also continued to experience slightly
positive price-cost, reflecting moderating product cost, the
absence of meaningful pricing actions in the period, and an easy
comparison as it largely recaptures the price-cost deficit
experienced in the fourth quarter of 2022. This was partly offset
by the negative effect of customer and product mix, as we continued
to experience relatively strong growth from Onsite customers and
non-fastener products, each of which tend to have a lower gross
profit percentage than our business as a whole.
Operating Income
Our operating income, as a percentage of net sales, increased to
20.1% in the fourth quarter of 2023 from 19.6% in the fourth
quarter of 2022.
Operating and Administrative Expenses
Our operating and administrative expenses, as a percentage of
net sales, improved to 25.3% in the fourth quarter of 2023 from
25.7% in the fourth quarter of 2022 despite continued slow sales
growth. This improvement reflects a combination of general efforts
to control costs and easier comparisons in certain cost categories
that produced broad, yet modest leverage of occupancy and other
operating and administrative expenses. This more than offset a
modest deleverage of employee-related expenses.
Employee-related expenses, which represent 70% to 75% of total
operating and administrative expenses, increased 5.1% in the fourth
quarter of 2023 compared to the fourth quarter of 2022. We
experienced an increase in employee base pay due to higher average
FTE and higher average wages during the period. This was partly
offset by lower healthcare-related costs and a slight reduction in
bonus and commission payments reflecting slower sales and profit
growth versus the prior year.
Occupancy-related expenses, which represent 15% to 20% of total
operating and administrative expenses, increased 0.7% in the fourth
quarter of 2023 compared to the fourth quarter of 2022. We
experienced an increase in the cost of FMI bins and a modest
increase in facility costs. These were partly offset by lower costs
for vending hardware as expansion of our installed base was more
than offset by a reduction in depreciation as a large number of
machines reached the end of their depreciable lives.
Combined, all other operating and administrative expenses, which
represent 10% to 15% of total operating and administrative
expenses, decreased 11.8% in the fourth quarter of 2023 compared to
the fourth quarter of 2022. The decrease in other operating and
administrative expenses is primarily a result of good control of
and easier comparisons for certain discretionary cost categories,
higher contribution related to supplier collaboration programs, and
increased income from the sale of certain assets, such as
selling-related vehicles.
Net Interest
We had net interest income of $0.3 in the fourth quarter of
2023, compared to net interest expense of $4.8 in the fourth
quarter of 2022. We had higher interest income, reflecting higher
average cash balances through the period and higher rates earned on
those balances. We also had lower interest expense, reflecting
lower average borrowings through the period, with our mix of
borrowings yielding slightly lower average interest rates.
Income Taxes
We recorded income tax expense of $87.8 in the fourth quarter of
2023, or 24.8% of earnings before income taxes. Income tax expense
was $82.6 in the fourth quarter of 2022, or 25.2% of earnings
before income taxes. We believe our ongoing tax rate, absent any
discrete tax items or broader changes to tax law, will be
approximately 24.5%.
Net Earnings
Our net earnings during the fourth quarter of 2023 were $266.4,
an increase of 8.5% compared to the fourth quarter of 2022. Our
diluted net earnings per share were $0.46 during the fourth quarter
of 2023, which increased from $0.43 during the fourth quarter of
2022.
BALANCE SHEET AND CASH FLOW
We produced operating cash flow of $354.0 in the fourth quarter
of 2023, an increase of 17.3% from the fourth quarter of 2022,
representing 132.9% of the period's net earnings versus 122.9% in
the fourth quarter of 2022. The improvement in operating cash flow,
as a percent of net earnings, reflects working capital being a
relatively greater source of cash in the fourth quarter of 2023
than was the case in the fourth quarter of 2022. This reflects more
favorable accruals in the period related to the timing of
disbursements on customer rebates and more stable incentive
compensation relative to the prior year. In 2023, our operating
cash flow was $1,432.7, an increase of 52.3% from 2022,
representing 124.0% of the period's net earnings versus 86.6% in
2022. The improvement in operating cash flow in 2023, as a percent
of net earnings, reflects the normalization of global supply chains
over the course of the year versus the prior year and, to a lesser
degree, slower business activity. The latter two items combine to
reduce the rate of working capital expansion necessary to support
our customers' growth.
The dollar and percentage change in accounts receivable, net,
inventories, and accounts payable as of December 31, 2023 when
compared to December 31, 2022 were as follows:
December 31
Twelve-month Dollar Change
Twelve-month Percentage
Change
2023
2022
2023
2023
Accounts receivable, net
$ 1,087.6
1,013.2
$ 74.4
7.3%
Inventories
1,522.7
1,708.0
(185.3)
-10.8%
Trade working capital
$ 2,610.3
2,721.2
$ (110.9)
-4.1%
Accounts payable
$ 264.1
255.0
$ 9.2
3.6%
Trade working capital, net
$ 2,346.2
2,466.2
$ (120.1)
-4.9%
Net sales in last three months
$ 1,758.6
1,695.6
$ 63.0
3.7%
Note - Amounts may not foot due to
rounding difference.
The increase in our accounts receivable balance in the fourth
quarter of 2023 is primarily attributable to three factors. First,
our receivables increased as a result of growth in sales to our
customers. Second, we continue to experience a shift in our mix due
to relatively stronger growth from national account customers,
which tend to carry longer payment terms than our non-national
account customers. Third, customers have historically delayed
payments at the end of years that are economically challenged, and
we saw that effect in the fourth quarter of 2023.
The decrease in our inventory balance in the fourth quarter of
2023 is primarily attributable to the absence of supply chain
disruptions from the prior year. Our response at the time was to
deepen our inventory as a means of maintaining high service to our
customers, particularly for imported inventory. Dissipation of
these disruptions has allowed us to shorten our product ordering
cycle. It is also likely that slower business activity reduced the
level of inventory our customers required us to maintain to meet
their production needs. We have also experienced modest deflation
in our inventory.
The increase in our accounts payable balance in the fourth
quarter of 2023 is primarily attributable to our product purchases
increasing to support the growth in our business. The growth in our
accounts payable balance is below the growth in our sales, which
reflects the dissipation of supply chain disruptions from the prior
year that has allowed us to shorten our product ordering cycle in
the fourth quarter of 2023 versus the fourth quarter of 2022.
During the fourth quarter of 2023, our investment in property
and equipment, net of proceeds from sales, was $32.9, which is a
decrease from $41.5 in the fourth quarter of 2022. In 2023, our
investment in property and equipment, net of proceeds from sales,
was $160.6, which is comparable to the $162.4 we invested in 2022,
but below our anticipated range of $180.0 to $190.0. Our net
capital investment slowed versus expectations primarily due to a
slower business environment, which reduced the need to purchase
certain equipment at the pace originally anticipated. It also
reflects the timing of certain outlays and, to a lesser extent,
lead times on certain materials. It does not reflect the
cancellation of any significant initiatives, and much of the
spending is expected to occur in 2024 when we see our investment in
property and equipment, net of proceeds from sales, being in a
range of $225.0 to $245.0. This increase reflects spending to
complete our Utah distribution center, investments in picking
technology and equipment in our hubs and branches, higher outlays
for FMI hardware reflecting our higher targeted signings and a
slight build in device inventory, and an increase in spending on
information technology.
During the fourth quarter of 2023, we returned $417.3 to our
shareholders in the form of dividends, compared to the fourth
quarter of 2022 when we returned $270.1 to our shareholders in the
form of dividends ($176.9) and purchases of our common stock
($93.2). In 2023, we returned $1,016.8 to our shareholders in the
form of dividends, compared to 2022 when we returned $949.1 to our
shareholders in the form of dividends ($711.3) and purchases of our
common stock ($237.8). In the fourth quarter of 2023, we paid both
our regular $0.35 per share dividend and a special $0.38 per share
dividend, with the latter reflecting what was at the time our high
cash balances, as well as our favorable outlook for future cash
generation.
Total debt on our balance sheet was $260.0 at the end of 2023,
or 7.2% of total capital (the sum of stockholders' equity and total
debt). This compares to $555.0, or 14.9% of total capital, at the
end of 2022.
ADDITIONAL INFORMATION
The table below summarizes our absolute and full time equivalent
(FTE; based on 40 hours per week) employee headcount, our
investments related to in-market locations (defined as the sum of
the total number of branch locations and the total number of active
Onsite locations), and weighted FMI devices at the end of the
periods presented and the percentage change compared to the end of
the prior periods.
Change Since:
Change Since:
Q4
2023
Q3
2023
Q3
2023
Q4
2022
Q4
2022
Selling personnel - absolute employee
headcount
16,512
16,261
1.5 %
15,898
3.9 %
Selling personnel - FTE employee
headcount
15,070
14,750
2.2 %
14,476
4.1 %
Total personnel - absolute employee
headcount
23,201
22,862
1.5 %
22,386
3.6 %
Total personnel - FTE employee
headcount
20,721
20,284
2.2 %
19,854
4.4 %
Number of branch locations
1,597
1,615
-1.1 %
1,683
-5.1 %
Number of active Onsite locations
1,822
1,778
2.5 %
1,623
12.3 %
Number of in-market locations
3,419
3,393
0.8 %
3,306
3.4 %
Weighted FMI devices (MEU installed
count)
113,138
110,191
2.7 %
102,151
10.8 %
During the last twelve months, we increased our total FTE
employee headcount by 867. This reflects an increase in our total
FTE selling personnel of 594 to support growth in the marketplace
and sales initiatives targeting customer acquisition. We had an
increase in our distribution and transportation FTE personnel of
124 to support increased product throughput at our facilities and
to expand our local inventory fulfillment terminals (LIFTs). We had
an increase in our remaining FTE personnel of 149 that relates
primarily to personnel investments in information technology,
manufacturing, and operational support, such as purchasing and
product development.
The table below summarizes the number of branches opened and
closed, net of conversions, as well as the number of Onsites
activated and closed, net of conversions during the periods
presented.
Twelve-month Period
Three-month Period
2023
2022
2023
2022
Branch openings
10
12
2
1
Branch closures, net of conversions
(96)
(122)
(20)
(34)
Onsite activations
329
306
77
76
Onsite closures, net of conversions
(130)
(99)
(33)
(20)
Our in-market network forms the foundation of our business
strategy. In recent years, we have seen a gradual increase in our
in-market locations because of significant growth in Onsites and,
to a lesser degree international branches, which has more than
overcome a meaningful decline in our traditional branch network. In
any period, the number of locations closed tends to reflect normal
churn in our business, whether due to redefining or exiting
customer relationships, the shutting or relocation of customer
facilities that host our locations, or a customer decision, as well
as our ongoing review of underperforming locations. We will
continue to open or close locations to sustain and improve our
network, support our growth drivers, and manage our operating
expenses. However, we believe the strategic rationalization that
has produced the meaningful decline in our traditional branch
network in the United States and Canada since 2013 is largely
completed, and we expect reduced closing activity beginning in
2024.
CONFERENCE CALL TO DISCUSS QUARTERLY AND ANNUAL
RESULTS
As we previously disclosed, we will host a conference call today
to review the quarterly and annual results, as well as current
operations. This conference call will be broadcast live over the
Internet at 9:00 a.m., central time. To access the webcast, please
go to the Fastenal Company Investor Relations Website at
https://investor.fastenal.com/events.cfm.
ADDITIONAL MONTHLY AND QUARTERLY INFORMATION
We publish on the 'Investor Relations' page of our website at
www.fastenal.com both our monthly consolidated net sales
information and the presentation for our quarterly conference call
(which includes information, supplemental to that contained in our
earnings announcement, regarding results for the quarter). We
expect to publish the consolidated net sales information for each
month, other than the third month of a quarter, at 6:00 a.m.,
central time, on the fourth business day of the following month. We
expect to publish the consolidated net sales information for the
third month of each quarter and the conference call presentation
for each quarter at 6:00 a.m., central time, on the date our
earnings announcement for such quarter is publicly released.
FORWARD LOOKING STATEMENTS
Certain statements contained in this document do not relate
strictly to historical or current facts. As such, they are
considered 'forward-looking statements' that provide current
expectations or forecasts of future events. These forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
can be identified by the use of terminology such as anticipate,
believe, should, estimate, expect, intend, may, will, plan, goal,
project, hope, trend, target, opportunity, and similar words or
expressions, or by references to typical outcomes. Any statement
that is not a historical fact, including estimates, projections,
future trends, and the outcome of events that have not yet
occurred, is a forward-looking statement. Our forward-looking
statements generally relate to our expectations and beliefs
regarding the business environment in which we operate, our
projections of future performance, our perceived marketplace
opportunities, our strategies, goals, mission, and vision, and our
expectations about future capital expenditures, future tax rates,
future inventory levels, pricing, future Onsite and weighted FMI
device signings, investment in property and equipment, the impact
of inflation or deflation on our cost of goods or operating costs,
future traditional branch closures and openings, and future
operating results and business activity. You should understand that
forward-looking statements involve a variety of risks and
uncertainties, known and unknown (including risks disclosed in our
most recent annual and quarterly reports), and may be affected by
inaccurate assumptions. Consequently, no forward-looking statement
can be guaranteed and actual results may vary materially. Factors
that could cause our actual results to differ from those discussed
in the forward-looking statements include, but are not limited to,
those detailed in our most recent annual and quarterly reports.
Each forward-looking statement speaks only as of the date on which
such statement is made, and we undertake no obligation to update
any such statement to reflect events or circumstances arising after
such date. FAST-E
FASTENAL COMPANY AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(Amounts in millions except share
information)
December 31, 2023
December 31, 2022
Assets
(Unaudited)
Current assets:
Cash and cash equivalents
$
221.3
230.1
Trade accounts receivable, net of
allowance for credit losses of $6.4 and $8.3, respectively
1,087.6
1,013.2
Inventories
1,522.7
1,708.0
Prepaid income taxes
17.5
8.1
Other current assets
171.8
165.4
Total current assets
3,020.9
3,124.8
Property and equipment, net
1,011.1
1,010.0
Operating lease right-of-use assets
270.2
243.0
Other assets
160.7
170.8
Total assets
$
4,462.9
4,548.6
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
60.0
201.8
Accounts payable
264.1
255.0
Accrued expenses
241.0
241.1
Current portion of operating lease
liabilities
96.2
91.9
Total current liabilities
661.3
789.8
Long-term debt
200.0
353.2
Operating lease liabilities
178.8
155.2
Deferred income taxes
73.0
83.7
Other long-term liabilities
1.0
3.5
Stockholders' equity:
Preferred stock: $0.01 par value,
5,000,000 shares authorized, no shares issued or outstanding
—
—
Common stock: $0.01 par value, 800,000,000
shares authorized, 571,982,367 and 570,811,674 shares issued and
outstanding, respectively
5.7
5.7
Additional paid-in capital
41.0
3.6
Retained earnings
3,356.9
3,218.7
Accumulated other comprehensive loss
(54.8
)
(64.8
)
Total stockholders' equity
3,348.8
3,163.2
Total liabilities and stockholders'
equity
$
4,462.9
4,548.6
FASTENAL COMPANY AND
SUBSIDIARIES
Condensed Consolidated Statements
of Earnings
(Amounts in millions except
earnings per share)
Year Ended
December 31,
Three Months Ended
December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(Unaudited)
Net sales
$
7,346.7
6,980.6
$
1,758.6
1,695.6
Cost of sales
3,992.2
3,764.8
959.2
927.2
Gross profit
3,354.5
3,215.8
799.4
768.4
Operating and administrative expenses
1,825.8
1,762.2
445.5
435.4
Operating income
1,528.7
1,453.6
353.9
333.0
Interest income
4.1
0.7
2.3
0.3
Interest expense
(10.8
)
(14.3
)
(2.0
)
(5.1
)
Earnings before income taxes
1,522.0
1,440.0
354.2
328.2
Income tax expense
367.0
353.1
87.8
82.6
Net earnings
$
1,155.0
1,086.9
$
266.4
245.6
Basic net earnings per share
$
2.02
1.89
$
0.47
0.43
Diluted net earnings per share
$
2.02
1.89
$
0.46
0.43
Basic weighted average shares
outstanding
571.3
573.8
571.7
571.1
Diluted weighted average shares
outstanding
573.0
575.6
573.4
572.8
FASTENAL COMPANY AND
SUBSIDIARIES
Condensed Consolidated Statements
of Cash Flows
(Amounts in millions)
Year Ended
December 31,
Three Months Ended
December 31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net earnings
$
1,155.0
1,086.9
$
266.4
245.6
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation of property and equipment
166.6
165.9
40.5
42.1
(Gain) loss on sale of property and
equipment
(4.3
)
1.1
(1.6
)
(0.1
)
Bad debt expense (recoveries)
2.2
(1.8
)
0.8
(0.9
)
Deferred income taxes
(10.7
)
(4.9
)
(6.3
)
(9.2
)
Stock-based compensation
7.3
7.2
1.7
2.8
Amortization of intangible assets
10.7
10.7
2.7
2.6
Changes in operating assets and
liabilities:
Trade accounts receivable
(72.3
)
(119.8
)
87.2
103.1
Inventories
189.1
(198.0
)
(2.6
)
(21.1
)
Other current assets
(6.4
)
22.7
(21.8
)
6.8
Accounts payable
8.4
21.9
(13.3
)
(22.2
)
Accrued expenses
(0.6
)
(57.2
)
4.1
(41.3
)
Income taxes
(9.4
)
0.4
(2.2
)
(4.9
)
Other
(2.9
)
5.9
(1.6
)
(1.4
)
Net cash provided by operating
activities
1,432.7
941.0
354.0
301.9
Cash flows from investing activities:
Purchases of property and equipment
(172.8
)
(173.8
)
(36.3
)
(42.8
)
Proceeds from sale of property and
equipment
12.2
11.4
3.4
1.3
Other
(0.6
)
(0.6
)
(0.1
)
0.1
Net cash used in investing activities
(161.2
)
(163.0
)
(33.0
)
(41.4
)
Cash flows from financing activities:
Proceeds from debt obligations
880.0
1,795.0
90.0
405.0
Payments against debt obligations
(1,175.0
)
(1,630.0
)
(90.0
)
(405.0
)
Proceeds from exercise of stock
options
30.1
9.2
14.7
1.4
Purchases of common stock
—
(237.8
)
—
(93.2
)
Cash dividends paid
(1,016.8
)
(711.3
)
(417.3
)
(176.9
)
Net cash used in financing activities
(1,281.7
)
(774.9
)
(402.6
)
(268.7
)
Effect of exchange rate changes on cash
and cash equivalents
1.4
(9.2
)
5.4
6.8
Net decrease in cash and cash
equivalents
(8.8
)
(6.1
)
(76.2
)
(1.4
)
Cash and cash equivalents at beginning of
period
230.1
236.2
297.5
231.5
Cash and cash equivalents at end of
period
$
221.3
230.1
$
221.3
230.1
Supplemental information:
Cash paid for interest
$
12.2
13.3
$
1.9
4.1
Net cash paid for income taxes
$
383.0
354.1
$
95.0
96.8
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240117471034/en/
Taylor Ranta Oborski Financial Reporting & Regulatory
Compliance Manager 507.313.7959
Fastenal (NASDAQ:FAST)
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Fastenal (NASDAQ:FAST)
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