Fastenal Company (NASDAQ:FAST) reported its quarterly earnings results on Thursday, bringing in a profit and sales that were below what analysts called for, which sent the company’s stock declining more than 2% today.
The Winona, Minn.-based industrial supply business said that for its second quarter of its fiscal year, it amassed earnings of 36 cents per share, which was below its profit of 37 cents per share from the same period a year ago. This figure also missed the Wall Street consensus estimate of 36 cents per share.
Fastenal Company’s revenue for the period tallied up to $1.37 billion, which missed the Wall Street consensus estimate of $1.38 billion. It is also worth noting that the organization’s sales growth was underwhelming, as it came in at 7.9% when compared to the year-ago quarter–this is the first three-month period in which sales have failed to gain at least 10% year-over-year in nine such periods.
This increase was caused in large part due to higher unit sales, which are linked to growth drivers. There were notable contributions from its industrial vending business, onsite locations and construction, among others. Fastenal’s daily sales growth was also 7.9%, which missed the 12.2% and 13.1% gains from the first quarter of its 2019 and its year-ago quarter respectively.
Daily sales gained 7% on a monthly basis in June, 9.5% in May and 12.5% in April, all below the same amounts in the company’s year-ago months.
FAST stock is down about 2.9% today.