Market Overview

Fastenal Falls After Q2 Earnings Miss

Share:

Fastenal (NASDAQ: FAST) reported second-quarter earnings of 36 cents per share, which missed the analyst consensus estimate of 37 cents. This is a 48.57% decrease over earnings of 7 cents per share from the same period last year.

The company reported quarterly sales of $1.368 billion, which missed the analyst consensus estimate of $1.38 billion. This is a 7.89% increase over sales of $1.268 billion the same period last year.

Fastenal explained the most significant factors behind the decline in gross profit percentage in the period were the impacts of customer and product mix and net inflation on product margins, the latter had a larger negative impact on margin than in the first quarter.

The company adds it successfully raised prices as one element of its strategy to offset tariffs placed to date on products sourced from China, those increases were not sufficient to also counter general inflation in the marketplace.

Fastenal shares were trading down 5.7% at $29.46 on Thursday’s pre-market session. The stock has a 52-week high of $35.94 and a 52-week low of $24.00.

Related Links:

Amazon's To Roll Out $700M Employee Advancement Program

Delta Reports Q2 Earnings Beat

Posted-In: Earnings News

 

Related Articles (FAST)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com