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Investors' Response Muted To Fastenal's Mixed Q3 Results

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Fastenal Company (NASDAQ: FAST) released third quarter financial results, reporting an earnings miss while revenue came in line with Street estimates.

The company reported net earnings of $126.93 million, or $0.44 a share, down from $136.49 million, or $0.47 a share, in the year-ago quarter. This is short by a penny from analysts' estimates of $0.45 a share.

Fastenal's net sales grew 1.8 percent from $995.25 million to $1.01 billion, which is in line with the analysts' expectations.

In a statement, the company said, "We signed an agreement to lease a significant number of industrial vending lockers to one of our customers. As of September 30, 2016, we have deployed approximately 11,000 devices under this agreement. These devices do not generate product revenue and are excluded from the count."

Following this, the stock shed $0.03, or 0.07 percent, to $42.09.

Posted-In: Earnings News

 

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