Fastenal Sequential Improvement
Here is an update to my previous posts on Fastenal, a wholesale distributor of industrial and construction supplies. It is only one company, but its broad customer base may provide a glimpse into the industrial recovery during COVID-19.
The Company reported Q3 results and monthly sales numbers. They characterized the quarter as "one of normalization" with sequential monthly improvement throughout Q3.
The chart highlights the monthly trends in overall sales (red bar), fasteners (grey), and safety equipment (orange). Note the very high yoy growth in safety equipment during Q2 and subsequent deceleration, though still high at 30% in September.
Fasteners, the largest segment, has experienced monthly improvement since April but September sales were still 6.1% below year ago numbers.