Fastenal reported fourth-quarter 2024 net sales of $1,824.5 million, a 3.7% increase year-over-year, but missed the consensus estimate of $1.844 billion. Diluted earnings per share (EPS) was $0.46, unchanged from the prior year and below the estimate of $0.48.
Gross profit margin decreased to 44.8% from 45.5% in Q4 2023, impacted by unfavorable customer and product mix, higher freight and shipping costs, and increased import duty fees. Selling, general, and administrative (SG&A) expenses deleveraged, rising to 25.9% of net sales from 25.3%, due to low sales volume and continued investments.
For the full year 2024, net sales reached $7,546.0 million, up 2.7% from 2023. However, operating income declined by 1.2% to $1,510.0 million, and diluted net income per share decreased by 0.6% to $2.00. The company's Digital Footprint accounted for 62.2% of sales in Q4 2024, with a target of 66% to 68% of sales volume through this channel in 2025.
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