Fastenal Co. reported fastener daily sales grew 20.2% to $519.1 million (33.4% of net sales) in the third quarter of 2021, driven by higher manufacturing and construction demand.

Net sales rose 10% to $1.55 billion in Q3, while the overall impact of product pricing on net sales was 230 to 260 basis points. 

“We continue to experience pressure related to material and transportation cost inflation,” Fastenal stated. “This is true across our offering, but is particularly acute for fasteners and overseas shipping.”

Gross profit as a percentage of net sales increased 100 basis points to 46.3% in Q3, while operating income as a percentage of net sales was flat at 20.5%.

Net earnings gained 9.9% to $243.5 million during the quarter.

During September, fastener sales improved 19.4%.

Overall sales during the first nine months of 2021 grew 4.4% to $4.48 billion, with gross profit up 5.9% to $2.06 billion. Operating income rose 4.5% to $916.5 million, while net earnings increased 4.7% to $693.8 million. Web: Fastenal.com