TMFM - Why Industrial And Construction Supplies Distributor Fastenal's Shares Are Down Today | Benzinga
Fastenal Company (NASDAQ:FAST) shares are trading lower after the company reported first-quarter FY24 sales growth of 1.9% Y/Y to $1.895 billion, missing the consensus of $1.914 billion.
Net daily sales growth increased 1.9% Y/Y to $29.6 million. The company experienced higher unit sales in the first quarter of 2024 primarily led by growth with larger customers and Onsite locations opened in the last two years.
Weighted FASTBin/FASTVend signings (MEUs) rose 14.0% Y/Y to 6,726; Weighted FASTBin/FASTVend installations rose 10.5% Y/Y.
FAST's Digital Footprint represented 59.2% of sales in the quarter, an increase from 54.1% in the first quarter of 2023.
The gross margin contracted to ...