92 THE DISTRIBUTOR’S LINK GLOBALFASTENERNEWS.COM by JASON SANDEFUR www.globalfastenernews.com FASTENERS DELIVER PROFIT FOR PUBLIC COMPANIES Results from public companies with fastener businesses indicate that 2022 was a solid year for many, with more gains to come. Fastenal Co. reported fastener sales increased 11.6% January, nearly doubling December’s fastener revenue growth rate of 6.1%. Consolidated sales gained 11.2% to 1.2 million during the opening month of 2023. Daily sales improved 11.2% to .6 million. Sales in the U.S. rose 11.2%, while sales in Canada and Mexico gained 17.3%. By end market, sales to manufacturing customers increased 17%, with sales to non-residential construction customers declining 1.7% during January. Fastenal’s full time workforce increased 8.2% during the month to 20,128 employees. Distribution and transportation personnel grew 7.5% to 2,963, while manufacturing personnel grew 10.1% to 633 workers. Fastener sales rose 9.1% to 9.5 million (33% of overall revenue) in the fourth quarter of 2022, down from 24% growth in the final quarter of the previous year. Grainger reported sales, including fasteners, increased 16.9% to .23 billion in 2022. Operating earnings climbed 43% to .2 billion, resulted in an operating margin of 14.5%, an increase of 265 basis points. Sales during the fourth quarter rose 13.2% to .8 billion, with operating earnings up 30.4% to 4 million, resulting in an operating margin of 13.8%, a 135 basis point increase. “Our strong 2022 performance was driven by the team’s focused execution against our long-term strategy in a robust demand market,” stated CEO D.G. Macpherson. “Both our High-Touch Solutions and Endless Assortment segments delivered above expectations.” Stanley Black & Decker reported Engineered Fastening organic revenues rose 9% in the final quarter of 2022, led by aerospace growth of 37% and auto growth of 14%, which were partially offset by industrial markets. Aerospace fasteners delivered its sixth consecutive quarter of sequential revenue improvement as the recovery in commercial OEM production continues. The auto fasteners’ strong quarter demonstrated business’ ability to gain share in a dynamic environment and outpaced global light vehicle production in the quarter and for the full year. ITW reported Automotive OEM revenue, including fasteners, gained 6% to .97 billion in 2022, with operating income totaling 9 million and a margin of 16.8%. Full-year Construction Products revenue, including fasteners, improved 8.6% to .11 billion, with operating income reaching 8 million and a margin of 25.9%. Nucor Corp. reported Steel Products segment results, including fasteners, more than doubled to .8 billion in the fourth quarter of 2022. The modest decrease in segment earnings was due to lower volumes and selling prices. Consolidated net sales decreased 17% to .72 billion in Q4 compared with .5 billion in the previous quarter, and decreased 16% compared with .36 billion in the fourth quarter of 2021. Full-year Steel Products segment results, including fasteners, rose to .1 billion. BUSINESS FOCUS ARTICLE CONTINUED ON PAGE 152
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