Fastenal Slips As Sales Miss Expectations

Shares of industrial and construction supplies distributor Fastenal Company (FAST) are falling more than 4% in the morning trade on Wednesday after the company’s second-quarter sales missed analysts’ view.

Net sales for the quarter increased to $1.779 billion from $1.508 billion a year ago, but missed the average estimate of analysts polled by Thomson Reuters of $1.79 billion.

Net earnings rose to $287.1 million or $0.50 per share in the second quarter, from $239.7 million or $0.42 per share in the same quarter a year ago. The consensus estimate was for $0.50 per share.

FAST, currently at $47.97, has traded in the range of $46.58-$64.75 in the past 52 weeks.

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