New Customer Additions Help Offset a Weak Operating Environment in Fastenal’s Third Quarter
We reiterate Fastenal’s $41 fair value estimate and wide-moat rating. The third-quarter report reflected many of the headwinds present throughout 2016, including weak demand from manufacturing and nonresidential construction customers, offset by positive sales trends finally emerging in Canada, as well as new account gains in vending and customer onsite stores. Despite a few bright spots in the latest earnings release, shares are fully valued and we believe other companies in industrial distribu...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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