{"id":35214,"date":"2023-07-13T14:16:35","date_gmt":"2023-07-13T18:16:35","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/fastenal-stock-falls-as-earnings-miss-estimates\/"},"modified":"2023-07-13T14:16:36","modified_gmt":"2023-07-13T18:16:36","slug":"fastenal-stock-falls-as-earnings-miss-estimates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35214","title":{"rendered":"Fastenal Stock Falls as Earnings Miss Estimates"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

Industrial distributor Fastenal missed Wall Street\u2019s second-quarter earnings estimates. The stock was falling in premarket trading. Results show that the manufacturing economy isn\u2019t out of the woods yet. <\/p>\n

\n Fastenal
\n (ticker: FAST) is a key industrial company. It reports earnings early in the season. And it\u2019s an industrial distributor, selling thousands of small products to thousands of customers across the country. Its results are a good, real-time read on the health of the manufacturing economy. <\/p>\n

\n

Fastenal reported earnings per share of 52 cents from just under $1.9 billion in sales. Wall Street was looking for earnings of 53 cents from just under $1.9 billion in sales. In the first quarter, Fastenal reported 52 cents a share from just under $1.9 billion in sales. In the second quarter. A year ago, Fastenal reported 50 cents a share from about $1.8 billion in sales. <\/p>\n

Growth has slowed and earnings were a touch light. CEO Dan Florness called the quarter challenging amid \u201csofter manufacturing activity.\u201d Shares fell about 2.3% in premarket trading while
\n S&P 500
\n and
\n Dow Jones Industrial Average
\n futures rose 0.2% and 0.3%, respectively. <\/p>\n

Shares of cyclical manufacturers have been rising ahead of second-quarter earnings reports. Coming into Thursday trading, Fastenal stock has risen about 12% over the past three months. The
\n iShares U.S. Industrials ETF
\n (IYJ) has gained about 6% over the past three months, while the
\n iShares U.S. Consumer Staples ETF
\n (IYK) has fallen about 2% over the same span.<\/p>\n

A big reason for stronger performance is the potential for a turn in the manufacturing economy. In recent months it\u2019s been shrinking. The Institute for Supply Management Purchasing Manager Index, or
\n PMI,<\/span>
\n has been below 50 for eight consecutive months. Readings below 50 mean the sector is contracting. Above 50 mean it\u2019s growing. <\/p>\n

But analysts and strategists typically like to recommend cyclical stocks just as the economy is bottoming. Fairlead Strategies founder and market technical Katie Stockton wrote Wednesday that cyclical sectors were looking more attractive. And
\n Citi
\n strategist Hong Li wrote Tuesday that industrial stocks should produce strong earnings reports. <\/p>\n

What\u2019s more, Citi industrial analyst Andrew Kaplowitz wrote earlier this week that the coming manufacturing up-cycle will be \u201cstronger for longer\u201d thanks to \u201cmegatrends\u201d such as electrification of the economy due to electric vehicles, and higher government spending on infrastructure projects.<\/p>\n

Wall Street optimism likely won\u2019t fade because of one earnings report but Fastenal results show the turn isn\u2019t here yet. <\/p>\n

Management hosts a conference call at 10 a.m. Eastern time to discuss results. Investors and analysts will be interested to hear what Fastenal has to say about the outlook for manufacturing in the second half of 2023. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Industrial distributor Fastenal missed Wall Street\u2019s second-quarter earnings estimates. The stock was falling in premarket trading. Results show that the manufacturing economy isn\u2019t out of the woods yet. Fastenal (ticker: FAST) is a key industrial company. It reports earnings early in the season. And it\u2019s an industrial distributor, selling thousands of small products to thousands […]<\/p>\n","protected":false},"author":1,"featured_media":35215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-35214","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nFastenal Stock Falls as Earnings Miss Estimates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Industrial distributor Fastenal missed Wall Street\u2019s second-quarter earnings estimates. The stock was falling in premarket trading. 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