Fastenal falls after Q3 results
FAST•Fastenal shares fell more than 5% after September average daily sales growth of 14.4% missed investor hopes of about 17%-18%. Third-quarter revenue of $2.46 billion beat estimates of $2.44 billion, and profit rose about 21% to 35 cents per share.
1. Sales growth misses hopes
Fastenal shares fell more than 5% to $48.61 after the company reported third-quarter results. September average daily sales, a closely watched gauge of demand, grew 14.4% year over year, below investor hopes of about 17%-18%.
2. Revenue and profit rise
Third-quarter revenue was $2.46 billion, above estimates of $2.44 billion. Profit rose about 21% to 35 cents per share. Investors focused on the sales miss despite strong beats on gross and EBIT margins. As of the prior close, Fastenal shares had risen 28.16% year to date.
