Fastenal (NYSE:FAST) earnings for the American manufacturing company’s second quarter of 2020 have FAST stock on the move Tuesday. The company reported adjusted earnings per share of 42 cents. That’s better than Wall Street’s estimate of 36 cents per share. Its revenue of $1.51 billion also comes in higher than analysts’ estimates of $1.47 billion.
Here are some additional highlights from the most recent Fastenal earnings report.
- Adjusted per-share earnings are up 16.7% from 36 cents during the same time last year.
- Revenue for the quarter comes in 10.3% higher than the $1.37 billion from the same period of the year prior.
- Operating income of $316 million is a 14.9% increase year-over-year from $275 million.
- The Fastenal earnings report also has it bringing in a net income of $238.9 million.
- That’s a 16.7% jump compared to its net income of $204.6 million reported during the same time last year.
Fastenal includes the following statement in its current earnings report.
“The second quarter of 2020 was heavily influenced by actions taken by governments and businesses around the world to address the COVID-19 pandemic, which influenced our efforts in several ways. First, we assisted the needs of governments, first responders, and critical infrastructure entities by supplying sharply increased demand for personal protective equipment (‘PPE’) products. This generated significant “surge”-type PPE orders in the second quarter of 2020 that did not exist in the second quarter of 2019.”
Fastenal still isn’t providing guidance in its most recent quarter. The company notes its long-term outlook for growth remains unchanged from pre-coronavirus levels. Nevertheless, it isn’t ready to reintroduce 2020 guidance.
FAST stock was down slightly as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.