Fastenal beats results estimates on robust demand for onsite products
Reuters
Published Jan 18, 2024 07:30AM ET
(Reuters) - Fastenal (NASDAQ:FAST) surpassed fourth-quarter profit and revenue estimates on Thursday, as higher demand from manufacturers for its onsite products boosted sales of its products, such as safety gloves, power tools and other industrial equipment.
Shares of the Winona, Minnesota-based company rose 2.3% in premarket trading.
An uptick in demand from non-residential customers coupled with the Biden administration's infrastructure spending blitz has continued to boost demand for industrial equipment that Fastenal supplies.
Fastenal said it experienced higher unit sales due to growth at its newly opened onsite locations and as customers accepted incremental price hikes.
The nuts and bolts distributor's net income rose to $266.4 million, or 46 cents per share, in the quarter ended December 31, 2023 from $245.6 million, or 43 cents per share, a year earlier.
Analysts on average were expecting a profit of 45 cents per share, as per LSEG data.
Sales rose 3.7% to $1,758.6 million in the fourth quarter, beating analysts' estimates of $1,752 million.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.