Fastenal Company announced its financial results for the quarter and year ended December 31, 2017. Net sales increased 108% for the year, and 14.8% in the fourth quarter. Gross profit for the year was 10.1%.

The increase in net sales was driven primarily by higher unit sales, resulting from improvement in underlying market demand, growth in Fastenal’s industrial vending business, and growth in new and existing onsite locations.

Industrial retailer and supplier Fastenal Co. has been on a hiring binge this year.