As reported in April, Fastenal Co. fastener daily sales increased 24.6% to $584.5 million (34.3% of net sales) in the first quarter of 2022, boosted by 25.2% growth in March. Fasteners represented 32.5% of net sales in the first quarter of 2021.

Other publicly-traded fastener companies reported fluctuating sales driven by varying market conditions.

Stanley Organic Fastener Sales Drop
Stanley Black & Decker reported Engineered Fastening organic revenues dropped 1% in the opening quarter of 2022 as general industrial fastener growth was offset by a market-driven decline in automotive demand. 

Engineered Fastening is part of the company’s Industrial segment, which saw Q1 sales decline 2% to $647 million as price (+5%) was more than offset by volume (-5%) and currency (-2%). Segment profit drop 58% to $41.3 million during the quarter.

Consolidated Stanley Black & Decker sales rose 20% to $4.4 billion.

“Stanley Black & Decker capitalized on the strong demand environment, our recent strategic acquisitions in the fast-growing outdoor power equipment market and a 5% contribution from pricing to drive 20% quarterly revenue growth as well as higher sequential margins,” stated CEO Jim Loree.

Gross margin fell 610 basis points to 29.3% as price realization was more than offset by commodity inflation, higher supply chain costs and lower volumes. Q1 operating profit declined 48% to $345.1 million, while net income dropped 66% to $155.6 million. 

During the first quarter, Stanley Black & Decker closed its business in Russia after that country invaded Ukraine. Web: StanleyBlackandDecker.com

Grainger Sales Rise 18% in Q1
Grainger reported sales, including fasteners, increased 18.2% to $3.6 billion in the first quarter of 2022, driven by strong performance in the High-Touch Solutions N.A. and Endless Assortment segments.

Operating earnings climbed 49.2% to $534 million in Q1, while net earnings gained 54% to $366 million.

“The Grainger team performed extremely well in the first quarter, with strong financial results supported by a robust demand environment,” stated CEO DG Macpherson. “Despite the ongoing inflationary and supply chain challenges, we are well positioned for a successful year.” Web: Grainger.com

MSC Industrial Sales Increase
MSC Industrial Direct reported sales, including fasteners, increased 11.4% to $862.5 million in the second quarter of fiscal 2022, which ended February 26.

Income from operations nearly quadrupled to $97.2 million, with net income jumping 286% to $69.9 million in fiscal Q2. Operating margin improved to 11.3% from 3.6%.

“We achieved double-digit top-line growth despite Covid-related disruptions during the first two weeks of January,” stated CEO Erik Gershwind. “Gross margin countermeasures, including a late January price increase, are working well and give us confidence that we can keep gross margins flat or better for full year fiscal 2022 versus fiscal 2021.”

Sales during the first six months of fiscal 2022 grew 10.7% to $1.71 billion, with operating income more than doubling to $187.9 million. Six-month net income rose 140.5% to $136 million. Web: MSCdirect.com

Tree Island Steel Sales Strong
Tree Island Steel reported revenues, including fasteners, increased 39% to $92.7 million in the opening quarter of 2022 as pricing increases across all market segments “allowed us to recover escalating costs.”

Gross profit jumped 65% to $20.8 million while operating income gained 88% to $17.5 million. Q1 net income nearly doubled to $12.7 million. 

Inflationary cost increases continued in the quarter, led by key raw materials, namely steel wire rod and zinc, as well as freight, labour and utilities, the company noted.

“In the first quarter, we continued to experience increased demand strength in commercial construction activities in both Canada and the United States, as we supported multiple projects with our concrete reinforcing products. Stable demand has been seen in our other market segments of agriculture, residential construction and industrial wire, as we additionally balanced availability of raw materials and labour to support customer delivery needs,” stated COO Remy Stachowiak.

Founded in 1964, Richmond, BC-based Tree Island Steel produces premium steel wire and wire products, including fasteners, from five ISO-certified mills in Canada and the U.S. Web: TreeIsland.com

LISI Group Sales Rise Double Digits
LISI Group sales, including fasteners, rose 10.7% to €342.4 million (US$355 million) in the opening quarter of 2022. 

All three divisions of the French aerospace fastener manufacturer achieved gains during Q1, with LISI AEROSPACE up 20.5%, to €167.9 million, LISI AUTOMOTIVE up 0.6% and LISI MEDICAL up 12%.

“In a market where there was an 8.3% decline in the worldwide production over the entire ecosystem in Q1 2022, LISI AUTOMOTIVE’s sales (€141.1 million) increased by 0.6%,” the company stated.

Sales for Q1 2022 in the ‘fasteners’ business in Europe increased 12.5%, while U.S. fastener sales saw the strongest growth over the quarter, jumping 28.7%.

LISI MEDICAL sales grew 12% to €33.4 million, driven by market share gains for new products developed over the past four years and by increased volumes for flagship products. Web: LISI-Group.com