Fastenal falls after missing Q4 revenue estimates
17/01/2025 12:30
** Wholesale industrial and construction supplies
distributor Fastenal Company's shares FAST.O fall 5% to $71
premarket
** FAST posts 3.7% yoy rise in Q4 revenue to $1.82 bln,
below analysts' estimate of $1.84 bln - LSEG compiled data
** Attributes slow growth rate to softness in manufacturing
environment throughout 2024
** "This was exacerbated by many of our largest customers
enacting unusually sharp production cuts in the last two weeks
of December during holiday-related plant shutdowns" - Fastenal
** Company says foreign exchange rates hurt Q4 2024 sales,
compared with positive impact year ago
** Q4 2024 EPS of 46 cents came in line with Q4 2023, but
below estimate of 48 cents, according to data compiled by LSEG
** In 2024, stock had risen 11%
(Reporting by Aatreyee Dasgupta)
((Aatreyee.Dasgupta@thomsonreuters.com))