Fastenal Down 5% In Pre-market On Earnings Miss

(RTTNews) - Shares of Fastenal Company (FAST) are down more than 5 percent in pre-market on Thursday after its first-quarter profit missed the Street expectations.

"We continued to experience a divergence in the performance of our fastener versus our non-fastener product lines in the first quarter of 2024," the company said.

Net profit was $297.7 million, or $0.52 per share for the first quarter, compared with $295.1 million, or $0.52 per share, in last year's first quarter. The consensus estimate was for $0.53 per share.

Revenue for the quarter rose 2.2 percent to $1.895 billion from $1.859 billion last year. Analysts expected revenue of $1.91 billion.

Fastenal shares had closed at $74.74, down 1.53 percent on Wednesday. The stock has traded in the range of $50.30 - $79.04 in the last 1 year.