Fastenal Company reported net sales of $1,910.2 million for the third quarter of 2024, an increase of 3.5% year-over-year, with daily sales rising 1.9%. Despite the sales growth, diluted net income per share remained flat at $0.52 compared to the same period in the prior year.
Gross profit margin decreased to 44.9% from 45.9% in Q3 2023, primarily due to an unfavorable customer and product mix, higher import duties, and the non-recurrence of a large shipper rebate. Operating income margin also contracted to 20.3% from 21.0%, though selling, general, and administrative expenses as a percentage of net sales decreased to 24.6% from 25.0% due to cost control efforts.
Fastener sales experienced a daily sales rate decline of 4.0%, while safety supplies grew by 6.8% and other product lines increased by 3.7%. The company's Digital Footprint, combining FMI and eBusiness, expanded to represent 61.1% of sales, up from 57.1% in Q3 2023. Net cash provided by operating activities decreased by 23.5% to $296.9 million, primarily due to increased inventory investments.
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