Fastenal Company (Nasdaq:FAST), a leader in the wholesale
distribution of industrial and construction supplies, today
announced its financial results for the quarter ended March 31,
2024. 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. Beginning in the first quarter of 2024,
references to 'net earnings', 'operating and administrative
expenses', and 'earnings before income taxes' have been revised in
our condensed consolidated financial statements and financial
reports, including this document, to 'net income', 'selling,
general, and administrative (SG&A) expenses', and 'income
before income taxes', respectively, and are calculated in
conformity with U.S. GAAP.
PERFORMANCE SUMMARY
Three-month Period
2024
2023
Change
Net sales
$
1,895.1
1,859.1
1.9
%
Business days
64
64
Daily sales
$
29.6
29.0
1.9
%
Gross profit
$
861.6
850.0
1.4
%
% of net sales
45.5
%
45.7
%
Selling, general, and administrative
expenses
$
471.4
456.8
3.2
%
% of net sales
24.9
%
24.6
%
Operating income
$
390.2
393.2
-0.8
%
% of net sales
20.6
%
21.2
%
Income before income taxes
$
389.8
389.7
0.0
%
% of net sales
20.6
%
21.0
%
Net income
$
297.7
295.1
0.9
%
Diluted net income per share
$
0.52
0.52
0.6
%
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 $36.1, or 1.9%, in the first quarter of 2024
when compared to the first quarter of 2023. The effect of adverse
weather in the first quarter of 2024 was a reduction in sales by 35
to 55 basis points as compared to a reduction in sales in the first
quarter of 2023 by 20 to 40 basis points, resulting in a net
negative impact from adverse weather in the first quarter of 2024
of 10 to 30 basis points. The effect of foreign exchange on sales
was not material in the first quarter of 2024 as compared to
negatively affecting sales in the first quarter of 2023 by
approximately 70 basis points.
We experienced higher unit sales in the first quarter of 2024
primarily due to growth with larger customers and Onsite locations
opened in the last two years. The impact of product pricing was not
material to net sales in the first quarter of 2024, as compared to
the impact of product pricing on net sales in the first quarter of
2023 of 290 to 320 basis points. Incremental pricing actions over
the past twelve months have been modest in scope, resulting in
mostly stable price levels through the first quarter of 2024.
From a product standpoint, we have three categories: fasteners
(including fasteners used in original equipment manufacturing (OEM)
and maintenance, repair, and operations (MRO), safety supplies, and
other product lines, 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 first
quarter of 2024, 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, while the rate of outgrowth has slowed relative to
what we experienced during the final two months of 2023, we
continued to experience relatively faster growth with our
retailer-oriented customers due to market share gains, product mix,
and easier comparisons. This factor primarily benefited our safety
product line. 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
2024
2023
2024
2023
OEM fasteners
-4.0
%
12.6
%
19.6
%
20.8
%
MRO fasteners
-5.1
%
-1.1
%
11.9
%
12.8
%
Total fasteners
-4.4
%
7.0
%
31.5
%
33.6
%
Safety supplies
8.3
%
5.7
%
21.6
%
20.4
%
Other product lines
3.9
%
12.4
%
46.9
%
46.0
%
From an end market standpoint, we have five categories: heavy
manufacturing, other manufacturing, non-residential construction,
reseller, and other, the latter of which includes
government/education and transportation/warehousing. We continued
to experience a divergence in the performance of our manufacturing
end market versus our non-manufacturing end markets in the first
quarter of 2024, although the scale of that divergence has
continued to narrow. These trends reflect a number of factors.
First, 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. At the same time, this benefit
has been increasingly offset by weakening end markets. Second,
while our non-residential and reseller end markets remain
relatively weak, they are beginning to come across easier
comparisons in the preceding periods. Third, while the rate of
outgrowth has slowed relative to what we experienced during the
final two months of 2023, we continued to experience relatively
faster growth with our retailer-oriented customers due to market
share gains, product mix, and easier comparisons. This factor
primarily benefited our other product lines. 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
2024
2023
2024
2023
Heavy manufacturing
2.7
%
17.6
%
43.4
%
43.1
%
Other manufacturing
2.5
%
10.2
%
31.6
%
31.5
%
Total manufacturing
2.6
%
14.4
%
75.0
%
74.6
%
Non-residential construction
-6.6
%
-2.4
%
8.5
%
9.3
%
Reseller
-2.5
%
-5.7
%
5.7
%
6.0
%
Other end markets
7.7
%
-3.6
%
10.8
%
10.1
%
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
2024
2023
2024
2023
National accounts
6.3
%
13.6
%
62.0
%
59.2
%
Non-national accounts
-4.5
%
3.4
%
38.0
%
40.8
%
Growth Drivers
- We signed 102 new Onsite locations (defined as dedicated sales
and service provided from within, or in proximity to, the
customer's facility) in the first quarter of 2024. We had 1,872
active sites on March 31, 2024, which represented an increase of
11.8% from March 31, 2023. Daily sales through our Onsite
locations, excluding sales transferred from branches to new
Onsites, grew at a low single-digit rate in the first quarter of
2024 over the first quarter of 2023. This growth is due to
contributions from Onsites activated and implemented in 2024 and
2023, as well as an increase in revenues per location among our
more mature locations. These factors were only partly offset by
Onsite closures. Our goal for Onsite signings in 2024 remains
between 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. 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.
Three-month Period
2024
2023
Change
Weighted FASTBin/FASTVend signings
(MEUs)
6,726
5,902
14.0
%
Signings per day
105
92
Weighted FASTBin/FASTVend installations
(MEUs; end of period)
115,653
104,673
10.5
%
FASTStock sales
$
239.8
236.7
1.3
%
% of sales
12.5
%
12.6
%
FASTBin/FASTVend sales
$
556.9
503.7
10.6
%
% of sales
29.0
%
26.8
%
FMI sales
$
796.7
740.4
7.6
%
FMI daily sales
$
12.4
11.6
7.6
%
% of sales
41.5
%
39.4
%
Our goal for weighted FASTBin and FASTVend device signings in
2024 remains between 26,000 to 28,000 MEUs.
- Our eCommerce business includes sales made through EDI, or
other types of technical integrations, and through our web
verticals. Daily sales through eCommerce grew 33.6% in the first
quarter of 2024 and represented 28.6% 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 first quarter of 2024 represented
59.2% of our sales, an increase from 54.1% of sales in the first
quarter of 2023.
Gross Profit
Our gross profit, as a percentage of net sales, decreased to
45.5% in the first quarter of 2024 from 45.7% in the first quarter
of 2023. Our gross profit percentage was negatively affected by
customer and product mix. This reflects relatively stronger growth
from large customers, including Onsite customers, and non-fastener
products, each of which tend to have a lower gross profit
percentage than our business as a whole. The negative impact of mix
was partly offset by a couple of trends. First, we continue to
experience modestly positive price-cost, reflecting easing product
cost, the absence of meaningful pricing actions by us in the
period, and an easy comparison versus the price-cost deficit
experienced in the first quarter of 2023. Second, we had favorable
leverage of organizational/overhead costs, primarily due to greater
utilization of domestic transportation resources as we move more
product to support current stocking levels.
SG&A Expenses
Our SG&A expenses, as a percentage of net sales, increased
to 24.9% in the first quarter of 2024 from 24.6% in the first
quarter of 2023. We continue to focus on limiting growth in our
headcount and improving the balance of full-time and part-time
employees in our workforce. We still deleveraged our
employee-related expenses as a result of slower growth in sales in
the first quarter of 2024.
Employee-related expenses, which represent 70% to 75% of total
SG&A expenses, increased 3.9% in the first quarter of 2024
compared to the first quarter of 2023. We experienced an increase
in employee base pay due to higher average FTE and higher average
wages during the period, as well as an increase in employee health
care costs. This was only partly offset by lower bonus and
commission payments reflecting slower sales and profit growth
versus the first quarter of 2023.
Occupancy-related expenses, which represent 15% to 20% of total
SG&A expenses, were flat in the first quarter of 2024 compared
to the first quarter of 2023. We had lower depreciation expense as
we have had a large number of vending machines and certain of our
hub automation equipment reach the end of their depreciable lives
relative to the first quarter of 2023. This was offset by slightly
higher facility expense.
Combined, all other SG&A expenses, which represent 10% to
15% of total SG&A expenses, increased 3.5% in the first quarter
of 2024 compared to the first quarter of 2023. The increase in
other SG&A expenses is primarily a result of modest increases
in spending on information technology and higher lease costs in our
selling-related vehicle fleet due to an increase in the mix of
larger truck types and higher prices on newer vehicles.
Operating Income
Our operating income, as a percentage of net sales, decreased to
20.6% in the first quarter of 2024 from 21.2% in the first quarter
of 2023.
Net Interest
We had net interest expense of $0.4 in the first quarter of
2024, compared to net interest expense of $3.5 in the first quarter
of 2023. We had higher interest income, reflecting higher average
cash balances through the period, particularly in January and
February, and higher rates earned on those balances. We had lower
interest expense, reflecting lower average borrowings through the
period.
Income Taxes
We recorded income tax expense of $92.1 in the first quarter of
2024, or 23.6% of income before income taxes. Income tax expense
was $94.6 in the first quarter of 2023, or 24.3% of income 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%. Our tax rate in the first quarter of 2024 was below our
expected ongoing tax rate due to the tax benefits associated with
the exercise of stock options during the quarter.
Net Income
Our net income during the first quarter of 2024 was $297.7, an
increase of 0.9% compared to the first quarter of 2023. Our diluted
net income per share was $0.52 during the first quarter of 2024,
which was unchanged from $0.52 during the first quarter of
2023.
BALANCE SHEET AND CASH FLOW
We produced operating cash flow of $335.6 in the first quarter
of 2024, a decrease of 13.6% from the first quarter of 2023,
representing 112.7% of the period's net income versus 131.7% in the
first quarter of 2023. The decrease in operating cash flow, as a
percent of net income, reflects our operating assets and
liabilities being a modest use of cash in the first quarter of 2024
versus a source of cash in the first quarter of 2023. Inventory was
a smaller source of cash in the first quarter of 2024 relative to
the preceding period as the pace of inventory reduction slowed as
the process of rightsizing stocking levels to reflect smoother
supply chains is substantially complete. We also had relatively
less favorable accruals for wages, reflecting the softer growth and
earnings environment. Our rate of conversion of net income into
operating cash flow in the first quarter of 2024 is broadly
consistent with what we have achieved on average in the first
quarter over the last five years.
The dollar and percentage change in accounts receivable, net,
inventories, and accounts payable as of March 31, 2024 when
compared to March 31, 2023 were as follows:
March 31
Twelve-month Dollar Change
Twelve-month Percentage
Change
2024
2023
2024
2024
Accounts receivable, net
$
1,213.2
1,149.8
$
63.4
5.5
%
Inventories
1,496.3
1,651.9
(155.6
)
-9.4
%
Trade working capital
$
2,709.5
2,801.7
$
(92.2
)
-3.3
%
Accounts payable
$
276.0
266.8
$
9.2
3.4
%
Trade working capital, net
$
2,433.5
2,534.9
$
(101.4
)
-4.0
%
Net sales in last three months
$
1,895.1
1,859.1
$
36.1
1.9
%
Note - Amounts may not foot due to rounding difference.
The increase in our accounts receivable balance in the first
quarter of 2024 was primarily attributable to two 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.
The decrease in our inventory balance in the first quarter of
2024 primarily reflects progress made over the last twelve months
to reduce inventory following the normalization of the supply chain
after the disruptions experienced in 2022. We responded to that
event by deepening inventory to support customer growth, and the
process of rightsizing our stock can be protracted given the
quantity of imported product we source. We have also experienced
modest deflation in our inventory.
The increase in our accounts payable balance in the first
quarter of 2024 was primarily attributable to our product purchases
increasing to support the growth in our business. The growth in our
accounts payable balance is above the growth in our sales
reflecting re-stocking of certain products that were depleted to
support certain customer needs during the fourth quarter of 2023.
It also reflects the timing of the Good Friday holiday, as our
purchasing activities remained steady relative to slower sales at
the end of the first quarter of 2024.
During the first quarter of 2024, our investment in property and
equipment, net of proceeds from sales, was $48.3, which was an
increase from $30.9 in the first quarter of 2023. This was
primarily due to an increase in spending for facility construction
and upgrades, as well as higher vehicle spending reflecting the
timing of deliveries from our suppliers. During the full year of
2024, we continue to expect our investment in property and
equipment, net of proceeds from sales, to be within a range of
$225.0 to $245.0, increasing from $160.6 in 2023. 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 first quarter of 2024, we returned $223.2 to our
shareholders in the form of dividends, compared to the first
quarter of 2023 when we returned $199.8 to our shareholders in the
form of dividends. We did not repurchase any of our common stock in
either period.
Total debt on our balance sheet was $200.0 at the end of the
first quarter of 2024, or 5.5% of total capital (the sum of
stockholders' equity and total debt). This compares to $400.0, or
10.9% of total capital, at the end of the first quarter of
2023.
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:
Q1 2024
Q4 2023
Q4 2023
Q1 2023
Q1 2023
Selling personnel - absolute employee
headcount
16,764
16,512
1.5
%
16,178
3.6
%
Selling personnel - FTE employee
headcount
15,102
15,070
0.2
%
14,704
2.7
%
Total personnel - absolute employee
headcount
23,695
23,201
2.1
%
22,820
3.8
%
Total personnel - FTE employee
headcount
20,935
20,721
1.0
%
20,262
3.3
%
Number of branch locations
1,592
1,597
-0.3
%
1,660
-4.1
%
Number of active Onsite locations
1,872
1,822
2.7
%
1,674
11.8
%
Number of in-market locations
3,464
3,419
1.3
%
3,334
3.9
%
Weighted FMI devices (MEU installed
count)
115,653
113,138
2.2
%
104,673
10.5
%
During the last twelve months, we increased our total FTE
employee headcount by 673. This reflects an increase in our total
FTE selling personnel of 398 to support growth in the marketplace
and sales initiatives targeting customer acquisition. We had an
increase in our distribution and transportation FTE personnel of
158 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 117 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.
Three-month Period
2024
2023
Branch openings
—
2
Branch closures, net of conversions
(5
)
(25
)
Onsite activations
79
84
Onsite closures, net of conversions
(29
)
(33
)
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. This has reflected significant growth in
Onsites and, to a lesser degree, international branches, which has
more than overcome a meaningful decline in our traditional branch
network from a strategic rationalization that aligned our physical
footprint with changes in our business strategies. Branch closures
may occur in the future to reflect normal churn in our business,
but the strategic rationalization has concluded. As a result, we
expect to see an increase in the rate of in-market location growth
as Onsites continue to increase while our traditional branch
network remains stable or grows moderately to sustain and improve
our network and support our growth drivers.
CONFERENCE CALL TO DISCUSS QUARTERLY RESULTS
As we previously disclosed, we will host a conference call today
to review the quarterly 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.
ANNUAL MEETING OF SHAREHOLDERS WEBCAST
On Thursday, April 25, 2024, we will be holding our Annual
Meeting of Shareholders (the 'Annual Meeting') at the Remlinger
Muscle Car Museum located at 3560 Service Drive, Winona, Minnesota.
The Annual Meeting will be webcast from 10:00 a.m., central time,
until the conclusion of the meeting. To access the webcast, please
go to the Fastenal Company Investor Relations Website at
https://investor.fastenal.com/events.cfm.
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, controlling
SG&A expenses including FTE growth, 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)
(Unaudited)
Assets
March 31, 2024
December 31, 2023
Current assets:
Cash and cash equivalents
$
237.1
221.3
Trade accounts receivable, net of
allowance for credit losses of $4.8 and $6.4, respectively
1,213.2
1,087.6
Inventories
1,496.3
1,522.7
Prepaid income taxes
—
17.5
Other current assets
136.9
171.8
Total current assets
3,083.5
3,020.9
Property and equipment, net
1,013.0
1,011.1
Operating lease right-of-use assets
278.1
270.2
Other assets
158.1
160.7
Total assets
$
4,532.7
4,462.9
Liabilities and Stockholders'
Equity
Current liabilities:
Current portion of debt
$
—
60.0
Accounts payable
276.0
264.1
Accrued expenses
207.5
241.0
Current portion of operating lease
liabilities
97.4
96.2
Income taxes payable
57.0
—
Total current liabilities
637.9
661.3
Long-term debt
200.0
200.0
Operating lease liabilities
186.0
178.8
Deferred income taxes
73.8
73.0
Other long-term liabilities
5.8
1.0
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, 572,525,495 and 571,982,367 shares issued and
outstanding, respectively
5.7
5.7
Additional paid-in capital
58.8
41.0
Retained earnings
3,431.4
3,356.9
Accumulated other comprehensive loss
(66.7
)
(54.8
)
Total stockholders' equity
3,429.2
3,348.8
Total liabilities and stockholders'
equity
$
4,532.7
4,462.9
FASTENAL COMPANY AND
SUBSIDIARIES
Condensed Consolidated Statements
of Income
(Amounts in millions except
income per share)
(Unaudited)
Three Months Ended March 31,
2024
2023
Net sales
$
1,895.1
1,859.1
Cost of sales
1,033.5
1,009.1
Gross profit
861.6
850.0
Selling, general, and administrative
expenses
471.4
456.8
Operating income
390.2
393.2
Interest income
1.6
0.4
Interest expense
(2.0
)
(3.9
)
Income before income taxes
389.8
389.7
Income tax expense
92.1
94.6
Net income
$
297.7
295.1
Basic net income per share
$
0.52
0.52
Diluted net income per share
$
0.52
0.52
Basic weighted average shares
outstanding
572.3
570.9
Diluted weighted average shares
outstanding
574.1
572.6
FASTENAL COMPANY AND
SUBSIDIARIES
Condensed Consolidated Statements
of Cash Flows
(Amounts in millions)
(Unaudited)
Three Months Ended March 31,
2024
2023
Cash flows from operating activities:
Net income
$
297.7
295.1
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation of property and equipment
40.2
41.8
Gain on sale of property and equipment
(0.6
)
(0.6
)
Bad debt recoveries
(0.9
)
(1.4
)
Deferred income taxes
0.8
0.3
Stock-based compensation
2.0
1.9
Amortization of intangible assets
2.7
2.7
Changes in operating assets and
liabilities:
Trade accounts receivable
(127.6
)
(133.7
)
Inventories
21.9
57.7
Other current assets
34.9
45.4
Accounts payable
15.6
8.5
Accrued expenses
(31.9
)
(11.9
)
Income taxes
74.5
83.9
Other
6.3
(1.2
)
Net cash provided by operating
activities
335.6
388.5
Cash flows from investing activities:
Purchases of property and equipment
(50.8
)
(33.7
)
Proceeds from sale of property and
equipment
2.5
2.8
Other
(0.1
)
(0.1
)
Net cash used in investing activities
(48.4
)
(31.0
)
Cash flows from financing activities:
Proceeds from debt obligations
160.0
230.0
Payments against debt obligations
(220.0
)
(385.0
)
Proceeds from exercise of stock
options
15.8
5.9
Cash dividends paid
(223.2
)
(199.8
)
Net cash used in financing activities
(267.4
)
(348.9
)
Effect of exchange rate changes on cash
and cash equivalents
(4.0
)
1.1
Net increase in cash and cash
equivalents
15.8
9.7
Cash and cash equivalents at beginning of
period
221.3
230.1
Cash and cash equivalents at end of
period
$
237.1
239.8
Supplemental information:
Cash paid for interest
$
2.4
5.1
Net cash paid for income taxes
$
15.9
9.7
Leased assets obtained in exchange for new
operating lease liabilities
$
30.4
25.9
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240410932569/en/
Taylor Ranta Oborski Financial Reporting & Regulatory
Compliance Manager 507.313.7959
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