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Fastenal Stock Falls Despite Q3 Earnings Beat

William White

Fastenal stock was down on Wednesday following the release of its earnings report for the third quarter of 2018.

Fastenal Stock Falls Despite Q3 Earnings Beat

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Fastenal’s (NASDAQ: FAST ) earnings report for the third quarter of the year starts off with earnings per share of 69 cents. This is an increase over the company’s earnings per share of 50 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 67 cents for the quarter, but couldn’t keep Fastenal stock from falling today.

Fastenal notes that part of the reason for the major increase to its earnings per share for the third quarter of the year was the Tax Act. This resulted in a 12-cent benefit for the company during the quarter.

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Net income reported by Fastenal for the third quarter of 2018 came in at $197.60 million. The company’s net income from the third quarter of 2017 was $143.10 million.

During the third quarter of the year, Fastenal reported operating income of $262.30 million . This is better than the company’s operating income of $228.50 million that was reported in the same period of the year prior.

Fastenal also reported revenue of $1.28 billion for the third quarter of 2018. This is up from the company’s revenue of $1.13 billion that was reported in the same quarter of the previous year. It also just barely beats out analysts’ revenue estimate of $1.27 billion for the quarter, but Fastnel stock was still down today.

FAST stock was down 5% as of Wednesday morning, but is up 2% year-to-date.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

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