Fastenal Co. has once again delivered strong performance in its fiscal third quarter, with digital sales playing a key role.

For the period ending Sept. 30, Fastenal reported total sales of $1.91 billion. That’s up 3.5% from $1.85 billion in Q3 2023. Net income also saw a slight increase, reaching $298.1 million. That compares to $295.5 million in the same period last year.

Fastenal digital sales in Q3

In Q3, Fastenal digital sales, including ecommerce, were a major growth driver.

Fastenal digital sales rose 10.8% year over year in Q3, totaling $1.17 billion. That compares to $1.05 billion in Q3 2023, according to Digital Commerce 360 estimates. This growth was fueled by the company’s digital products and services, which include ecommerce transactions and sales through Fastenal Managed Inventory (FMI) programs. These programs feature FASTVend, an internet-connected vending machine solution deployed at customer locations to facilitate on-site sales and services.

“Our e-business encompasses e-procurement activities — such as integrated transactions via electronic data interchange (EDI) — and ecommerce, which includes sales through our transactional website,” the company explains. “The growth in our e-business reflects both new sales that boost our overall growth rate and a shift from non-digital to digital processes, which improves efficiency,”

Ecommerce represented 33.2% of all sales in the third quarter of 2024. That’s a significant jump from 24.5% in the prior year. Based on these metrics, Digital Commerce 360 estimates that Fastenal digital sales reached $634.4 million in Q3 2024, marking a 39.7% increase from $452.2 million in Q3 2023.

“We believe that the data generated through our digital capabilities enhances product visibility, traceability, and control, reducing operational risks and improving ordering and fulfillment efficiency for both us and our customers,” Fastenal says. “As a result, we see significant opportunities to continue growing our business.”

Here’s last quarter’s update on Fastenal digital sales.

Sign up

Sign up for a complimentary subscription to Digital Commerce 360 B2B News, published 4x/week. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, senior vice president of B2B and Market Research, at [email protected]. Follow him on Twitter @markbrohan. Follow us on LinkedIn, X (formerly Twitter), Facebook and YouTube.