The distributor’s monthly sales were up by nearly 2% on a daily average basis.

Fastenal said Monday in its latest monthly earnings disclosure that its October net sales climbed to more than $644 million.

The total was up nearly 7% compared to the October of 2022, but that number was helped by an additional selling day last month; on an average basis, sales were up by just less than 2% to $29.3 million per day.

The Minnesota-based company — no. 5 on ID’s 2023 Big 50 — said sales to the heavy manufacturing market increased by 5.6% per day and by 1.6% per day to other manufacturing segments, which helped offset an 8.8% drop in non-residential construction and a 12% decline in the reseller market.

The company’s fastener sales were down 2.6% compared to the same month last year, but safety supplies rose by 6.4%.

Sales in the U.S. — which accounted for more than 80% of the company’s overall sales — rose by 1% in October, while sales to Canada and Mexico jumped by 8.2%.

Source: Industrial Distribution