68.43
0.50%
+0.34
After Hours:
68.295
-0.135
-0.20%
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Why is Fastenal Co. (FAST) Stock down?
11 Apr, 2024:
Fastenal Co (FAST) stock fell by 6.05% due to disappointing financial results and challenges faced in the first quarter, which proved too significant to overcome.
- First Quarter Results: Following the release of its first-quarter results, the distributor of industrial and construction supplies reported earnings of $0.52 per share on revenue of $1.9 billion. While the earnings were slightly below Wall Street's expectations of $0.53 per share, the revenue was just under the anticipated $1.91 billion.
- Challenges in the Industrial Sector: Fastenal continues to face sluggish demand in the industrial sector, which has impacted its sales growth. Despite efforts to maintain performance, the company's sales only grew by 1.9% in the quarter, with adverse weather conditions further reducing sales by 35 to 55 basis points compared to the previous year.
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