FAST - Why Fastenal Stock Fell Today
2024-04-11 15:44:00 ET
Fastenal (NASDAQ: FAST) continues to see sluggish demand in the industrial sector, and its latest results are weighing on the stock. Shares of Fastenal were down 7% at 3:30 p.m. ET. after the parts distributor reported first-quarter results.
Fastenal is a distributor of industrial and construction supplies, meaning that a lot of its customers were facing headwinds in 2023. But the company's sales have largely held up better-than-expected, helping shares to climb 45% over the past year.
It appears expectations got a bit ahead of themselves. Fastenal earned $0.52 per share in the just-reported quarter on revenue of $1.9 billion, just below Wall Street's expectations for $0.53 per share in earnings on sales of $1.91 billion.
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Why Fastenal Stock Fell Today