Financial Performance - Net sales for 2023 reached $7,346.7 million, a 5.3% increase from $6,980.6 million in 2022[306]. - Gross profit increased to $3,354.5 million in 2023, up 4.3% from $3,215.8 million in 2022[306]. - Operating income rose to $1,528.7 million, reflecting a 5.2% increase compared to $1,453.6 million in 2022[306]. - Net earnings for 2023 were $1,155.0 million, a 6.3% increase from $1,086.9 million in 2022[309]. - Basic net earnings per share increased to $2.02 in 2023, up from $1.89 in 2022, representing a 6.9% growth[306]. - Fastenal Company's cumulative total shareholder return increased from $100.00 in 2018 to $283.77 in 2023, representing a 183.77% growth over five years[171]. - Fastenal reported a comprehensive income of $1,165.0 million in 2023, an increase from $1,052.8 million in 2022[309]. Assets and Liabilities - The company held $1,522.7 million in inventory as of December 31, 2023, a decrease from $1,708.0 million in 2022[304]. - Fastenal's total current assets decreased from $3,124.8 million in 2022 to $3,020.9 million in 2023[304]. - The company's retained earnings increased from $3,218.7 million in 2022 to $3,356.9 million in 2023, reflecting a growth of 4.3%[304]. - Fastenal's total liabilities decreased from $1,385.0 million in 2022 to $1,113.1 million in 2023, indicating a reduction in financial obligations[304]. - Long-lived assets totaled $1,442.0 million at the end of 2023, compared to $1,423.8 million in 2022[348]. Cash Flow and Dividends - Cash flows from operating activities improved significantly to $1,432.7 million in 2023, compared to $941.0 million in 2022[315]. - Cash dividends paid per share rose to $1.78 in 2023, compared to $1.24 in 2022, marking a 43.5% increase[312]. - The company declared a quarterly dividend of $0.39 per share to be paid on February 29, 2024, following an annual cash dividend of $1.78 per share in 2023[352]. Stock Options and Compensation - The total outstanding stock options as of December 31, 2023, amounted to 10,840,912 shares[355]. - The total intrinsic value of stock options exercised in 2023 was $38.1 million, compared to $10.2 million in 2022 and $38.8 million in 2021[358]. - Total stock-based compensation expense related to the employee stock option plan was $7.3 million in 2023, up from $7.2 million in 2022 and $5.6 million in 2021[360]. - The total grant date fair value of stock options vested in 2023 was $5.3 million, slightly up from $5.2 million in 2022[359]. Debt and Financing - The average interest rate for the unsecured revolving credit facility is 6.36%, with total debt outstanding at $260.0 million as of December 31, 2023[377]. - The company has a total borrowing capacity of $900.0 million under the Master Note Agreement, with $260.0 million currently issued[380]. - Principal payments required on outstanding indebtedness total $260.0 million over the next five years, with $60.0 million due in 2024[382]. - The company is currently in compliance with all financial covenants related to its credit facilities[378]. Operational Insights - The company maintained over 3,400 in-market locations primarily in North America, supporting its distribution network[317]. - Revenue from the United States accounted for 83.6% of total revenues in 2023, totaling $6,139.8 million, compared to 84.0% in 2022[346]. - Manufacturing sector sales increased to 74.3% of total sales in 2023, up from 72.2% in 2022[346]. - The fastener product line represented 32.4% of total sales in 2023, a decrease from 34.0% in 2022[346]. Tax and Legal Matters - Earnings before income taxes for 2023 were $1,522.0 million, an increase from $1,440.0 million in 2022[365]. - The effective income tax rate for 2023 was 24.1%, compared to 24.5% in 2022 and 23.4% in 2021[365]. - There are no legal actions considered probable or reasonably possible to have a material adverse outcome as of December 31, 2023[383]. - No subsequent events requiring recognition in the financial statements have occurred, except for dividend declaration and stock option activities[384].

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even ...

Last year was a good year for dividend investors. Some 850 companies announced they were raising their payout with the average increase exceeding 12%. Studies have found stocks that initiated and then raised their payouts handily outperformed non-dividend paying companies. J.P. Morgan Asset Management discovered that over the 40 years between 1972 and 2012, dividend-raisers returned an average of 9.5% annually versus just 1.6% non-dividend-paying stocks. This has led to some very promising stocks.Yet it was ...

◦ Amounts may not foot due to rounding differences. 11 10 • Our 4Q23 operating margin was 20.1%, up from 19.6% in 4Q22. Operating expenses were 25.3% of net sales, from 25.7% in 4Q22 despite the low daily sales growth. 46.5% 45.3% 45.5% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 35% 40% 45% 50% Gross Profit Margin 19.6% 19.6% 20.1% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 16% 18% 20% 22% 24% Operating Income Margin 7 • 4Q23 gross margin was 45.5%, up from 45.3% in 4Q22. B ...

Fastenal Company (NASDAQ:FAST) Q4 2023 Results Conference Call January 18, 2024 10:00 AM ET Company Participants Taylor Ranta - Financial Reporting & Regulatory Compliance Manager Dan Florness - President and Chief Executive Officer Holden Lewis - Chief Financial Officer Conference Call Participants Michael Hoffman - Stifel David Manthey - Baird Chris Dankert - Loop Capital Markets Ken Newman - KeyBanc Capital Markets Nigel Coe - Wolfe Research Ryan Merkel - William Blair Operator Hello, and welcome to the ...

WINONA, Minn.--(BUSINESS WIRE)--Fastenal Company (Nasdaq:FAST), a leader in the wholesale distribution of industrial and construction supplies, today announced its financial results for the quarter and year ended December 31, 2023. Except for share and per share information, or as otherwise noted below, dollar amounts are stated in millions. Throughout this document, percentage and dollar calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values i ...

WINONA, Minn.--(BUSINESS WIRE)--Fastenal Company (Nasdaq:FAST) reported its board of directors declared a dividend of $0.39 per share to be paid in cash on February 29, 2024 to shareholders of record at the close of business on February 1, 2024. Except for share and per share information, dollar amounts are stated in millions. We began paying annual dividends in 1991, semi-annual dividends in 2003, and then expanded to quarterly dividends in 2011. In addition to these regular dividend payments, Fastenal ha ...

In a shortened and fairly quiet week in regards to the earnings lineup, a few top-rated Zacks stocks are standing out before their quarterly results.As investors await earnings from Microsoft (MSFT)  and Netflix (NFLX)  next week, 1ST Source (SRCE)  and Fastenal (FAST)  are two companies that shouldn’t be overlooked ahead of their fourth quarter reports on Thursday, January 18.Fastenal Q4 Preview & Overview Fastenal is one of the most appealing retailers at the moment as a national wholesale distributor of ...

In observance of the birth of Dr. Martin Luther King, Jr., stock markets in the U.S. are closed today. Neither are any economic reports scheduled to come out today. Nevertheless, we here at Zacks continue to keep you updated — if not for events happening in real time, then for what we can expect in this holiday-shortened week to come.First, let’s take a quick look back on the first two weeks of the new year. While we have already seen a couple sessions reminiscent of the robust positivity we saw in the fina ...

Fastenal Company (FAST) is scheduled to report fourth-quarter 2023 results on Jan 18, before the opening bell.In the last reported quarter, earnings beat the Zacks Consensus Estimate by 2%, but net sales missed the same by 0.2%. Earnings and net sales increased 4.1% and 2.4% from the year-ago figures, respectively. Fastenal’s earnings topped the consensus mark in three of the last four quarters and met on one occasion, with the average being 2.6%.Trend in Estimate RevisionFor the quarter to be reported, the ...