Why Fastenal Shares Are Sliding Today
Portfolio Pulse from Lekha Gupta
Fastenal Company (NASDAQ:FAST) reported Q2 sales growth of 5.9% Y/Y to $1.88 billion, slightly missing the consensus of $1.89 billion. The company's gross profit margin contracted to 45.5% from 46.5% a year ago due to a less favorable customer and product mix and higher overhead expenses. Q2 EPS of $0.52 missed the consensus of $0.53. The company declared a dividend per share of $0.35. FAST shares are trading lower by 2.93% at $57.01 premarket.
July 13, 2023 | 11:51 am
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Fastenal's Q2 sales growth and EPS missed consensus estimates, leading to a premarket drop in share price.
Fastenal's Q2 sales growth of 5.9% Y/Y to $1.88 billion slightly missed the consensus of $1.89 billion. The company's Q2 EPS of $0.52 also missed the consensus of $0.53. These misses, along with a contraction in gross profit margin, have likely contributed to the premarket drop in Fastenal's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100