Fastenal Co. fastener sales declined 3% to $2.31 billion in 2024.

During the final quarter, fastener sales dropped 1.4% to $545.5 million. OEM fastener sales increased 0.4% to $346.7 million, while MRO fastener sales fell 4.5% to $198.8 million during the quarter. Fastener sales decreased 2.2% to $160.1 million in December.

“The rate of contraction of our fastener line eased in the fourth quarter of 2024, but continued to lag our non-fastener product lines,” the company stated.

Higher fastener container costs in the final quarter caused product margin pressure.

During 2024, consolidated sales gained 2.7% to $7.55 billion during 2024, with operating income dropping 1.2% to to $1.51 billion and net income slipping 0.4% to $1.15 billion. Capital expenditures rose 33% to $214.1 million, while total personnel grew 1.1% to 20,958 during the year.

Final quarter sales gained 3.7% to $1.82 billion, with operating income down 2.6% to $344.8 million and net income down 1.6% to $262.1 million.

“The slow rate of growth reflects continuation of the soft manufacturing environment that has been sustained throughout 2024,” Fastenal stated.

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