Fastenal Says Q4 Sales Growth Impacted By Softer Markets Of Consumer Goods, Construction

Fastenal Company FAST reported Q4 sales of $1.69 billion, up 10.7% Y/Y, marginally beating the consensus of $1.68 billion.
The company experienced higher unit sales in the fourth quarter due to growth in underlying demand in markets tied to industrial capital goods and commodities, offset by softer markets tied to consumer goods and relatively lower growth in construction.
The overall impact of product pricing on net sales in the fourth quarter of 2022 was 350 to 380 basis points compared to Q4 FY21.
Gross profit margin declined to 45.3% from 46.5% a year ago due to lower product margins in certain product categories and unfavorable prices/costs.
Operating income margin remained unchanged at 19.6%.
Fastenal reported Q4 EPS of $0.43, better than $0.40 a year ago and the consensus of $0.42.
Weighted FASTVend/FASTBin signings (MEUs) were 4,730, up 19.1% from 3,972 a year ago.
For FY23, the company's goal for weighted FASTBin and FASTVend device signings is 23,000 to 25,000 MEUs.
Price Action: FAST shares are down 1.14% at $47.00 during the premarket session on the last check Thursday.
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