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Fasternal Company (NASDAQ: FAST) reported a 6.30 percent drop in profit for the second quarter despite revenue witnessing a modest growth of 1.2 percent as expenses increased more than the expected levels. As a result, its earnings and revenue missed the expectations.
Fasternal said that it earned $131.52 million or $0.45 a share for the second quarter, which was down from $140.36 million or $0.45 a share in the year-ago quarter. Street analysts expected the company to report earnings of $0.45 a share.
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The company's revenue grew marginally to $1.01 billion from $0.998 billion in the previous year quarter. That was slightly lower than the Street estimations of $1.02 billion.
Its cost of sales and operation expenses grew by 3.42 percent and 5.78 percent respectively thus impacting its quarterly results.
The company's press statement said, "During the first and second quarters of 2016, we signed 4,647 and 4,869 devices, respectively. During the first and second quarters of 2015, we signed 3,962 and 5,144 devices, respectively. Our installed device count on June 30, 2016 was 58,346 (excluding the 3,033 devices deployed under our locker lease program), which is an increase of 15.3% over June 30, 2015. The percent of total net sales to customers with industrial vending was 44.6% in the second quarter of 2016. Our total daily sales to customers with industrial vending grew 2.7% over the second quarter of 2015. However, daily sales of non-fastener products to customers with industrial vending grew 5.9%, while daily sales of fasteners to customers with industrial vending contracted 5.1%."
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.