Fastenal (FAST) Q1 Earnings & Sales Top Estimates, Stock Up
Zacks Investment Research | Apr 10, 2019 10:41PM ET
Fastenal Company (NASDAQ:FAST) reported first-quarter 2019 results, wherein earnings and sales surpassed the respective Zacks Consensus Estimate, courtesy of higher market demand, and growth in industrial vending business and existing Onsite locations. Shares of the company climbed 2.5% following the earnings release.
Earnings & Sales Detail
Fastenal reported earnings of 68 cents per share in the quarter, beating the consensus mark by 1.5% and increasing 11.9% from 61 cents reported a year ago.
Net sales of $1.31 billion surpassed the consensus mark of $1.3 billion. Sales also grew 10.4% year over year on the back of higher underlying market demand, and growth in industrial vending business, existing Onsite locations and construction.
The company’s daily sales growth was recorded at 12.2%, lower than the 13.2% increase in the prior-year quarter, due to the one fewer selling day in the current period.
On a monthly basis, daily sales improved 12.7% in March, 10.5% in February and 13.3% in January compared with 13.1%, 14.8% and 12%, respectively, in the prior-year months.
Daily sales of Fastener products (mainly used for industrial production and accounting for approximately 34.8% of first-quarter sales) rose 11.8% year over year.
Non-fastener products’ daily sales (mainly used for maintenance and representing 65.2% of the quarterly sales) increased 12.7% year over year.
Fastenal Company Price, Consensus and EPS Surprise
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