Fastenal Reports Solid 2Q Sales Growth Despite Slower End Markets, but Margins Slump on Higher Costs
Fastenal's stock sold off on July 11 after the wide-moat industrial distributor reported second-quarter results that came up short of consensus estimates. While sales increased 8% year over year to $1.37 billion, about 1% shy of consensus, second-quarter sales growth marked the slowest year-over-year growth since the first quarter of 2017 and decelerated from the over 12% daily sales growth reported last quarter. Still, Fastenal's 8% sales growth was significantly better than the 2% organic sale...Fastenal is engaged in the wholesale distribution of industrial and construction supplies. The company is a distributor of fasteners and related industrial and construction supplies. This includes threaded fasteners, bolts, nuts, screws, studs, and related washers, as well as miscellaneous supplies and hardware, such as pins, machinery keys, concrete anchors, metal framing systems, wire rope, strut, rivets, and related accessories. The company's fastener product line is primarily sold under the Fastenal product name.
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