Fastenal Co. Q2 FY2024 results: revenue $1.9 billion, up 1.8% on the year

Fastenal Co. (FAST) reported revenue of $1.9 billion for Q2 FY2024, the quarter ended 30 June 2024, up 1.8% on the same quarter a year earlier. Net income was $293 million, down 1.8% on the year, and diluted earnings per share $0.51. The figures are the company's own, from the 10-Q it filed with the SEC on 17 July 2024.

Revenue$1.9 billionup 1.8%

Net income$293 milliondown 1.8%

Diluted EPS$0.51

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,916	1,895	n/a	n/a
Cost of revenue	1,053	1,034	n/a	n/a
Gross profit	864	862	n/a	n/a
Gross margin	45.1%	45.5%	n/a
Selling, general and administrative	477	471	n/a	n/a
Operating income	387	390	n/a	n/a
Operating margin	20.2%	20.6%	n/a
Interest expense	1.8	2.0	n/a	n/a
Pre-tax income	386	390	n/a	n/a
Income tax	93.7	92.1	n/a	n/a
Effective tax rate	24.2%	23.6%	n/a
Net income	293	298	n/a	n/a
Net margin	15.3%	15.7%	n/a
Diluted EPS	$0.51	$0.52	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	258	336	n/a	n/a
Capital expenditure	56.1	50.8	n/a	n/a
Free cash flow	202	285	n/a	n/a
Free cash flow margin	10.5%	15.0%	n/a
Depreciation and amortisation	43.7	42.9	n/a	n/a
Share-based compensation	2.0	2.0	n/a	n/a
Dividends paid	223	223	n/a	n/a
Dividend per share	$0.39	$0.39	n/a	n/a
Diluted shares, weighted	574m	574m	n/a	n/a
Shares outstanding at period end	573m	573m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	4,604	4,533	n/a	n/a
Cash and equivalents	256	237	n/a	n/a
Receivables	1,205	1,213	n/a	n/a
Inventory	1,505	1,496	n/a	n/a
Long-term debt	235	200	n/a	n/a
Operating lease liabilities	183	186	n/a	n/a
Shareholders' equity	3,496	3,429	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,846	1,759	1,895	1,916	1,910	1,824	1,959	2,080	2,133	2,028	2,202	2,387
Cost of revenue	998	959	1,034	1,053	1,052	1,006	1,076	1,138	1,168	1,129	1,219	1,323
Gross profit	848	799	862	864	859	818	884	943	966	899	983	1,064
Gross margin	46%	45%	45%	45%	45%	45%	45%	45%	45%	44%	45%	45%
SG&A	461	446	471	477	470	473	490	507	524	514	535	562
Operating income	387	354	390	387	388	345	394	436	442	384	448	502
Operating margin	21%	20%	21%	20%	20%	19%	20%	21%	21%	19%	20%	21%
Interest expense	2.1	1.9	2.0	1.8	1.8	1.7	1.7	2.2	1.6	0.7	0.8	1.2
Pre-tax income	385	354	390	386	388	344	393	437	441	385	448	502
Tax rate	23%	25%	24%	24%	23%	24%	24%	24%	24%	24%	24%	24%
Net income	296	266	298	293	298	262	299	330	336	294	340	383
Net margin	16%	15%	16%	15%	16%	14%	15%	16%	16%	14%	15%	16%
Diluted EPS	$0.52	$0.46	$0.52	$0.51	$0.52	$0.45	$0.52	$0.29	$0.29	n/a	$0.30	$0.33
Operating cash flow	388	354	336	258	297	283	262	279	387	368	378	266
Capital expenditure	46.9	36.3	50.8	56.1	59.4	60.2	55.7	69.3	60.3	60.0	58.9	64.1
Free cash flow	341	318	285	202	238	223	206	209	327	308	320	202
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	20.3	30.0
Dividends paid	200	417	223	223	223	223	247	252	252	252	276	275
Shares outstanding	571m	572m	573m	573m	573m	573m	574m	1,148m	1,148m	1,148m	1,148m	1,147m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 17 July 2024, accession 0000815556-24-000031: the filing on EDGAR. All of Fastenal Co.'s filings: EDGAR company page.

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