Fastenal (NASDAQ: FAST) reported second-quarter earnings of 36 cents per share, which missed the analyst consensus estimate of 37 cents. This is a 48.57% decrease over earnings of 7 cents per share from the same period last year.
The company reported quarterly sales of $1.368 billion, which missed the analyst consensus estimate of $1.38 billion. This is a 7.89% increase over sales of $1.268 billion the same period last year.
Fastenal explained the most significant factors behind the decline in gross profit percentage in the period were the impacts of customer and product mix and net inflation on product margins, the latter had a larger negative impact on margin than in the first quarter.
The company adds it successfully raised prices as one element of its strategy to offset tariffs placed to date on products sourced from China, those increases were not sufficient to also counter general inflation in the marketplace.
Fastenal shares were trading down 5.7% at $29.46 on Thursday’s pre-market session. The stock has a 52-week high of $35.94 and a 52-week low of $24.00.
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