Fastenal earnings for the first quarter of 2019 have FAST stock heading higher on Thursday.
Fastenal (NASDAQ:FAST) starts off its earnings report for the first quarter of the year with earnings per share of 68 cents. This is an increase over the company’s earnings per share of 61 cents from the same time last year. It was also good news for FAST stock by beating out Wall Street’s earnings per share estimate of 67 cents for the quarter.
Net income reported in the Fastenal earnings release for the first quarter of 2019 comes in at $194.10 million. This is an 11% increase over the company’s net income of $173.40 million reported in the first quarter of 2018.
The Fastenal earnings report for the first quarter of the year also includes operating income of $261.40 million. The company’s operating income from the same period of the year prior was $234.50 million.
Fastenal earnings for the first quarter of 2019 have revenue for the year coming in at $1.31 billion. This is up 10% from the company’s revenue of $1.19 billion reported in the first quarter of the previous year. It was also a boon to FAST stock by matching analysts’ revenue estimate for the period.
Fastenal also notes that its gross profit, as a percentage of revenue, in the first quarter of 2019 was down 100 basis points to 47.70%. The company attributes this to “impacts of customer and product mix and net inflation on product margins, higher freight costs, and lower net rebates reflecting our inventory control programs.”
FAST stock was up 4% as of Thursday afternoon and is up 26% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.