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Fastenal Trades Higher On Q3 Earnings Beat

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Fastenal Trades Higher On Q3 Earnings Beat

Fastenal Company (NASDAQ: FAST) reported third-quarter earnings of 37 cents per share Friday, beating the analyst consensus estimate by a penny. 

This is a 35.09% decrease over earnings of 57 cents per share from the same period last year.

The company reported quarterly sales of $1.379 billion, which beat the analyst consensus estimate of $1.37 billion by 0.66%. This is a 7.73% increase over sales of $1.28 billion the same period last year.

Fastenal attributed the increase to higher unit sales related primarily to its growth drivers, most notably the contributions from industrial vending and Onsite locations, versus the third-quarter of 2018. 

The general slowing in economic activity that was experienced in the second quarter continued in the third quarter, according to Fastenal.

“A lesser contributor to our sales growth in the third quarter of 2019 was higher product pricing as a result of increases implemented in late 2018 and throughout 2019 to mitigate the impacts of general and tariff-related inflation in the marketplace,” according to the company. 

Fastenal shares were trading 1.21% higher at $31.02 in Friday's premarket session. The stock has a 52-week high of $35.94 and a 52-week low of $24.

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Photo by Mcgriff24 via Wikimedia

Posted-In: Earnings News Best of Benzinga

 

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