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Morningstar's Fastenal Co Stock Analysis

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Fastenal's First-Quarter Results Show Strengthening End Markets, Despite Supply Headwinds

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Fastenal reported solid first-quarter earnings, which led us to raise our fair value estimate to $44.50 from $43. End market demand continues to strengthen despite supply chain and labor challenges. In the quarter, net sales increased 20% year over year, thanks to strong pricing (up approximately 6% year over year). While supply headwinds still persist, management highlighted the environment is starting to stabilize. Since the onset of the supply crunch, Fastenal has taken pricing actions to address higher manufacturing, fuel, and shipping costs.

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Fastenal Co's Company Profile

Business Description

Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, Fastenal has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 1,760 branches, over 1,400 on-site locations, and 14 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30%-35% of sales. Fastenal also offers customers supply-chain solutions, such as vending and vendor-managed inventory.

2001 Theurer Boulevard
Winona, MN, 55987-1500
T +1 507 454-5374
Sector Industrials
Industry Industrial Distribution
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 21,167

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