Fastenal Co. Files Q3 2024 10-Q

Ticker: FAST · Form: 10-Q · Filed: Oct 16, 2024

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

Fastenal's Q3 2024 10-Q is in. Check financials.

AI Summary

Fastenal Co. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial performance data for Fastenal Co., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on October 16, 2024.

What is Fastenal Co.'s fiscal year end?

Fastenal Co.'s fiscal year ends on December 31.

What is the company's primary business address?

The company's business address is 2001 Theurer Blvd, Winona, MN 55987.

What is the SIC code for Fastenal Co.?

The Standard Industrial Classification (SIC) code for Fastenal Co. is 5200 (Retail-Building Materials, Hardware, Garden Supply).

Filing Stats: 4,708 words · 19 min read · ~16 pages · Grade level 7 · Accepted 2024-10-16 09:35:35

Filing Documents

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 12 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 27 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 27 PART II OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 28 ITEM 1A.

RISK FACTORS

RISK FACTORS 28 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 28 ITEM 5. OTHER INFORMATION 28 ITEM 6. EXHIBITS 28 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS FASTENAL COMPANY AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Amounts in millions except share and per share information) (Unaudited) Assets September 30, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 292.2 221.3 Trade accounts receivable, net of allowance for credit losses of $ 4.2 and $ 6.4 , respectively 1,200.6 1,087.6 Inventories 1,559.5 1,522.7 Prepaid income taxes 16.8 17.5 Other current assets 191.4 171.8 Total current assets 3,260.5 3,020.9 Property and equipment, net 1,044.2 1,011.1 Operating lease right-of-use assets 280.7 270.2 Other assets 153.0 160.7 Total assets $ 4,738.4 4,462.9 Liabilities and Stockholders' Equity Current liabilities: Current portion of debt $ 115.0 60.0 Accounts payable 301.7 264.1 Accrued expenses 225.7 241.0 Current portion of operating lease liabilities 99.2 96.2 Total current liabilities 741.6 661.3 Long-term debt 125.0 200.0 Operating lease liabilities 187.6 178.8 Deferred income taxes 75.8 73.0 Other long-term liabilities 11.0 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, 572,881,159 and 571,982,367 shares issued and outstanding, respectively 5.7 5.7 Additional paid-in capital 73.3 41.0 Retained earnings 3,575.5 3,356.9 Accumulated other comprehensive loss ( 57.1 ) ( 54.8 ) Total stockholders' equity 3,597.4 3,348.8 Total liabilities and stockholders' equity $ 4,738.4 4,462.9 See accompanying Notes to Condensed Consolidated Financial Statements. 1 Table of Contents FASTENAL COMPANY AND SUBSIDIARIES Condensed Consolidated Statements of Income (Amounts in millions except income per share) (Unaudited) (Unaudited) Nine Months Ended September 30, Three Months Ended September 30, 2024 2023 2024 2023 Net sales $ 5,721.5 5,588.1 $ 1,910.2 1,845.9 Cost of sales 3,137.8 3,03

— MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2 — MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management's discussion and analysis of certain significant factors which have affected our financial position and operating results during the periods included in the accompanying condensed consolidated financial statements and should be read in conjunction with the condensed consolidated financial statements. Dollar amounts are stated in millions except for share and per share amounts and where otherwise noted. Throughout this document, percentage and dollar change calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values 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.

Business

Business Fastenal is a North American leader in the wholesale distribution of industrial and construction supplies. We distribute these supplies through a network of more than 3,500 in-market locations. Our largest end market is manufacturing. Sales to these customers include products for both original equipment manufacturing (OEM), where our products are consumed in the final products of our customers, and manufacturing, repair, and operations (MRO), where our products are consumed to support the facilities and ongoing operations of our customers. We also service general and commercial contractors in non-residential end markets as well as farmers, truckers, railroads, oil exploration companies, oil production and refinement companies, mining companies, federal, state, and local governmental entities, schools, and certain retail trades. Geographically, our branches, Onsite locations, and customers are primarily located in North America, though we continue to grow our non-North American presence as well. Our motto is Growth Through Customer Service and our tagline is Where Industr

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