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Fastenal Co

Fastenal Company Announces Cash Dividend

WINONA, Minn.--(BUSINESS WIRE)--Oct. 10, 2024-- Fastenal Company (Nasdaq:FAST) (collectively referred to as 'Fastenal' or by terms such as 'we', 'our', or 'us') reported its board of directors declared a dividend of $0.39 per share to be paid in cash on November 22, 2024 to shareholders of record at the close of business on October 25, 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, we have previously paid special one-time dividends in December 2008, December 2012, December 2020, and December 2023. Our board of directors currently intends to continue paying quarterly dividends, though all future determination as to payment of dividends will depend upon the financial condition and results of operations of Fastenal and such other factors as are deemed relevant by the board of directors at that time.

In 2024, 2023, and 2022, we paid (or declared) dividends as follows:

Year

 

First

Quarter

 

Second

Quarter

 

Third

Quarter

 

Fourth

Quarter

 

Sub-Total

(Regular)

Fourth

Quarter

(Special)

 

Total

2024

 

$

0.39

 

$

0.39

 

$

0.39

 

$

0.39

 

$

1.56

 

 

 

2023

 

$

0.35

 

$

0.35

 

$

0.35

 

$

0.35

 

$

1.40

$

0.38

 

$

1.78

2022

 

$

0.31

 

$

0.31

 

$

0.31

 

$

0.31

 

$

1.24

$

0.00

 

$

1.24

Dividend and common stock purchase activity during the last ten years:

 

 

 

 

 

 

 

 

 

 

 

Average Per

 

 

Total

Dividends per Share

Total Value of

Total Number

Share Price of

 

Dividend

Dividends

Regular

 

Special

 

Total

 

Common Stock

of Shares

Common Stock

Year

Payments

Paid

Dividend

 

Dividend

 

Dividend

 

Purchased

Purchased

Purchased

2024

Four (1)

$

893.3

$

1.56

 

$

—

 

$

1.56

 

$

—

 

—

$

—

2023

Five (2)

$

1,016.8

$

1.40

 

$

0.38

 

$

1.78

 

$

—

 

—

$

—

2022

Four

$

711.3

$

1.24

 

$

—

 

$

1.24

 

$

237.8

 

5,000,000

$

47.58

2021

Four

$

643.7

$

1.12

 

$

—

 

$

1.12

 

$

—

 

—

$

—

2020

Five (2)

$

803.4

$

1.00

 

$

0.40

 

$

1.40

 

$

52.0

 

1,600,000

$

32.54

2019

Four

$

498.6

$

0.87

 

$

—

 

$

0.87

 

$

—

 

—

$

—

2018

Four

$

441.9

$

0.77

 

$

—

 

$

0.77

 

$

103.0

 

4,000,000

$

25.75

2017

Four

$

369.1

$

0.64

 

$

—

 

$

0.64

 

$

82.6

 

3,800,000

$

21.72

2016

Four

$

346.6

$

0.60

 

$

—

 

$

0.60

 

$

59.5

 

3,200,000

$

18.58

2015

Four

$

327.1

$

0.56

 

$

—

 

$

0.56

 

$

293.0

 

14,200,000

$

20.63

Ten Year Total

 

$

6,051.8

$

9.76

 

$

0.78

 

$

10.54

 

$

827.9

 

31,800,000

$

26.03

(1)

The Total Dividends Paid amount includes the estimated impact from this announcement. The estimate is calculated using the 572.9 million shares outstanding at September 30, 2024.

(2)

There was a supplemental dividend paid in December 2020 and December 2023.

In the third quarter of 2024, we did not repurchase any of our common stock.

We have authority to purchase up to 6,200,000 additional shares of our common stock under the July 12, 2022 authorization. This authorization does not have an expiration date.

All share and per share information reflects the two-for-one stock split in 2019.

About Fastenal

Fastenal provides a broad offering of industrial supplies, including fastener, safety, and metal cutting products, to manufacturing, construction, and state and local government customers through more than 3,500 in-market locations (branches and customer-specific Onsite locations) spanning 25 countries. With continual investment in tailored local inventory, dedicated local experts, and flexible FMI® (Fastenal Managed Inventory) and digital solutions, we help our business partners achieve product and process savings across the supply chain – a "high-touch, high-tech" approach encapsulated by our tagline, Where Industry Meets Innovation™. Our local service teams are supported by 17 regional distribution centers, a captive logistics fleet, multiple teams of industry specialists and support personnel, and robust sourcing, quality, and manufacturing resources, enabling us to grow by getting closer to customers and providing innovative and comprehensive solutions to customer supply chain challenges.

Additional information regarding Fastenal is available on our website at www.fastenal.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including a statement regarding expectations as to payment of a quarterly cash dividend in the foreseeable future. Any future determination as to payment of dividends will depend upon the financial condition and results of operations of Fastenal and such other factors as are deemed relevant by the board of directors. For example, a change in business needs including working capital and funding for acquisitions, or a change in income tax law relating to dividends or stock repurchases, could cause us to decide not to pay a dividend in the future or not to repurchase common stock pursuant to the existing share repurchase authorization. A discussion of other risks and uncertainties is included in our filings with the Securities and Exchange Commission, including our most recent annual report and subsequent quarterly reports. FAST-D

Taylor Ranta Oborski
Accounting Manager
507.313.7959

Source: Fastenal Company