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Fastenal's 1Q Results Misses
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ShareFastenal Co. (FAST) reported first-quarter earnings of 33 cents per share, missing the reduced consensus estimate by a penny.
The stock has slipped over 4% today on volume of approximately 2.2 million, which is in the neighborhood of its average volume.
The industrial distributor's sales declined 14% year-over-year to $489.3 million amid worsening economic conditions.
Fastenal, in an effort to counter falling sales, have "temporarily slowed store openings to a range of 2% to 5% new stores per year" and "stopped adding any headcount except for store openings and for stores that are growing."
Earnings estimates for the full-year are down 6 cents to $1.47 over the past 30 days as 4 analysts have cut their expectations.
FAST is a Zacks #4 Rank ("Sell") stock.
Read the full analyst report on FAST
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