Fastenal Shares Seeing Profit Taking Amid Strong Technical Resistance Level

Shares of

are seeing a strong technical resistance following better-than-expected first quarter earnings. On Friday, Fastenal reported first quarter 2014 earnings ending on March 3, 2014. Revenue came in at $876.5 million, up 8.7% year-over-year and adjusted EPS came in at $0.38. The company reported that total average daily sales growth was up, mainly due to an increase in sales volume. Fastenal saw increased investments in store and the “favorable” timing of Easter. Daily sales to manufacturing customers grew 9% in the first quarter, up 2% from the same quarter in 2013. Non-fastener products sales were up 14.2%, compared with gains of 10.8% in the first quarter of 2013. Sales of products for industrial production fell to 1.6% from 1.7% from the same quarter last year. Daily sales to non-residential construction customers were flat year-over-year, up 2.9%. Shares of Fastenal closed at $50.73 on Thursday. Early gains following the press release were offset by profit taking amid strong technical resistance level at $52. Shares are currently trading at $48.89, down 3.76%.