In This Story
Fastenal Company (FAST+1.14%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing
The report details Fastenal's financial performance, with net sales amounting to $7,546.0 million, reflecting a 2.7% increase from the previous year. Daily sales grew by 1.9% compared to the prior year.
The company reported a gross profit of $3,401.9 million, which represents 45.1% of net sales, compared to 45.7% in the previous year. The decrease in gross profit percentage was attributed to unfavorable customer and product mix, as well as product margin pressure.
Operating income for the year was $1,510.0 million, a slight decrease from $1,528.7 million in 2023. The operating income as a percentage of net sales was 20.0%, down from 20.8% in the prior year.
Net income for 2024 was $1,150.6 million, with diluted net income per share at $2.00, slightly down from $2.02 in 2023. The decrease in net income per share was due to lower operating margins, despite modest sales growth and a more favorable tax rate.
Fastenal's cash flow from operating activities was $1,173.3 million, representing 102.0% of net income. This was a decrease from 124.0% in the previous year, primarily due to investments in inventory.
The company increased its in-market locations to 3,628, with significant growth in Onsite locations, which increased by 11.5% to 2,031. Fastenal also expanded its Fastenal Managed Inventory (FMI) devices, reaching 126,957 machine equivalent units installed.
Fastenal's report also notes a dividend payment of $1.56 per share for 2024, with a quarterly dividend of $0.43 per share declared in January 2025. The company did not repurchase any shares in 2024.
Fastenal's capital expenditures for 2024 were $214.1 million, with plans to increase investment in property and equipment to a range of $265.0 to $285.0 million in 2025.
The company continues to focus on expanding its digital footprint, with digital solutions representing 60.4% of sales in 2024. Fastenal plans to further develop its digital capabilities to enhance customer engagement and supply chain efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fastenal Company annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.