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Fastenal

$31.01

0.37 (1.21%)

06:51
10/11/19
10/11
06:51
10/11/19
06:51

Fastenal reports Q3 daily sales increased 6.1%

Management said, "Net sales increased $99.3, or 7.8%, in the third quarter of 2019 when compared to the third quarter of 2018. Adjusting for the one additional selling day in the current period, our daily sales increased 6.1% from the third quarter of 2019 when compared to the third quarter of 2018. This increase was driven by higher unit sales related primarily to our growth drivers, most notably contribution from industrial vending and Onsite locations, compared to the third quarter of 2018. The general slowing in economic activity that we experienced in the second quarter of 2019 continued in the third quarter of 2019. A lesser contributor to our sales growth in the third quarter of 2019 was higher product pricing as a result of increases implemented in late 2018 and throughout 2019 to mitigate the impacts of general and tariff-related inflation in the marketplace. Sales of our fastener products grew 3.0% on a daily basis over the third quarter of 2018 and represented 33.7% of sales in the third quarter of 2019. Sales of our non-fastener products grew 8.0% on a daily basis over the third quarter of 2018 and represented 66.3% of sales in the third quarter of 2019."

  • 11

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  • 23

    Oct

FAST Fastenal
$31.01

0.37 (1.21%)

04/15/19
NRCS
04/15/19
DOWNGRADE
NRCS
Neutral
Fastenal downgraded to Neutral on valuation at Northcoast
Northcoast analyst Ryan Cieslak downgraded Fastenal to Neutral from Buy citing valuation.
05/07/19
WBLR
05/07/19
DOWNGRADE
WBLR
Market Perform
Fastenal downgraded to Market Perform from Outperform at William Blair
05/07/19
WBLR
05/07/19
NO CHANGE
WBLR
William Blair downgrades Fastenal, MSC Industrial, Wesco to Market Perform
William Blair analyst Ryan Merkel downgraded Fastenal (FAST), MSC Industrial (MSM) and Wesco (WCC) to Market Perform from Outperform while maintaining an Outperform rating on Systemax (SYX). With growth challenges rising distributor earnings estimates are too high for 2019 and 2020, Merkel tells investors in a research note. He believes "several industrial indicators are flashing yellow," including global trade volumes, durable goods orders, manufacturing inventory growth, and a strong U.S. dollar. Further, the analyst is concerned by trends in the automotive, oil and gas, mining, and machinery end-markets. Merkel believes stock valuations are risk given his "late-cycle concerns." He believes fair value for Fastenal is $72 per share, fair value for MSC Industrial is $75 per share and fair value for Wesco is $51 per share.
06/14/19
BUCK
06/14/19
NO CHANGE
Target $31
BUCK
Neutral
Fastenal estimates cut at Buckingham after management meetings
Buckingham analyst Robert Barry lowered his FY19 and FY20 EPS estimates for Fastenal by about 2% each to factor in April and May sales results and following his visit with management. Management's tone was more cautious and they said they are starting to think about stricter cost discipline, though they still view investing in IT and growth drivers as priorities, according to Barry. He trimmed his price target on Fastenal shares to $31 from $32 and keeps a Neutral rating on the stock.

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