Fastenal Co. reported weaker industrial product and lower pricing continued to hurt the company’s fastener sales in the second quarter of 2024.

Fastener sales fell 3% to $594 million (31% of overall sales) in the quarter. OEM fastener sales dropped 2.3% to $373.7 million (19.5% of overall sales) while MRO fastener sales declined 4.3% to $220.4 million (11.5% of overall sales).

The quarterly results were helped by stronger June fastener sales, which declined 2.7% to 186.7 million compared to a 4.1% drop in May and a 2.2% decline in April.

Overall Fastenal sales grew 1.8% to $1.92 billion in Q2, with operating income falling 2% to $386.9 million and net income slipping 1.8% to $292.7 million.

Six-month sales rose 1.8% to $3.81 billion.

In the opening quarter of 2024, fastener sales fell 4.4% to $596.9 million (31.5% of overall sales).

During 2023, Fastenal fastener sales topped $2.38 billion (32.4% of sales). Web: fastenal.com

‍