Fastenal (NASDAQ:FAST) earnings for first quarter of 2020 have FAST stock heading higher on Tuesday. This is due to its reporting diluted earnings per share (EPS) of 35 cents on revenue of $1.37 billion. That comes in higher than Wall Street’s estimates of 34 cents per share and $1.36 billion of revenue.
Here are some additional highlights from the most recent Fastenal earnings report.
- Diluted per-share earnings are up 2.94% from 34 cents during the same time last year.
- Revenue is sitting 4.58% above the $1.31 billion reported in the first quarter of 2019.
- Operating income of $271.3 million is a 3.79% increase year-over-year from $261.4 million.
- The Fastenal earnings report also includes a net income of $202.6 million.
- That’s a 4.38% jump from the $194.1 million reported in the same period of the year prior.
A section of the Fastenal earnings report reads as follows:
“Our gross profit, as a percentage of net sales, declined 110 basis points to 46.6% in the first quarter of 2020 from 47.7% in the first quarter of 2019. The most significant factor behind the decline in our gross profit percentage in the period was the impact of product and customer mix.”
There’s no guidance update in the current Fastenal earnings report. That makes sense as many companies are withholding guidance at this time. This is due to the havoc that the novel coronavirus is playing on the economy.
FAST stock was up 7.03% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.