Fastenal (FAST) Reports Earnings Tomorrow: What To Expect

Max Juang /
2024/07/11 3:00 am EDT

Industrial supplier Fastenal (NASDAQ:FAST) will be announcing earnings results tomorrow before the bell. Here's what to look for.

Fastenal met analysts' revenue expectations last quarter, reporting revenues of $1.90 billion, up 1.9% year on year. It was a decent quarter for the company, with an impressive beat of analysts' volume estimates but a miss of analysts' earnings estimates.

Is Fastenal a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Fastenal's revenue to grow 1.7% year on year to $1.92 billion, slowing from the 5.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.51 per share.

Fastenal Total Revenue

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 9 downward revisions over the last 30 days. Fastenal has missed Wall Street's revenue estimates four times over the last two years.

Looking at Fastenal's peers in the industrial distributors segment, only MSC Industrial has reported results so far. It met analysts' revenue estimates, posting year-on-year sales declines of 7.1%. The stock traded up 0.4% on the results.

Read our full analysis of MSC Industrial's earnings results here.

Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed inflation signals have led to uncertainty around rate cuts, and while some of the industrial distributors stocks have fared somewhat better, they have not been spared, with share prices down 3% on average over the last month. Fastenal is down 2.2% during the same time and is heading into earnings with an average analyst price target of $65.1 (compared to the current share price of $63.08).

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