Why Shares of Fastenal Are Soaring Today
Shares of Fastenal (NASDAQ: FAST) traded up more than 14% on Friday after the industrial and construction supplier reported third-quarter results that came in ahead of expectations. Concerns about growing costs and a potential slowdown should the U.S. fall into a recession have lingered around the stock in recent months, but Fastenal is showing it can generate results even in this environment.
Fastenal before markets opened on Friday reported third-quarter earnings of $0.37 per share on revenue of $1.38 billion, ahead of the consensus estimate for $0.35 per share in earnings on sales of $1.37 billion. Prior to the Friday jump, Fastenal shares had been down about 12% since the beginning of May due to concerns about the impact of tariffs and fears of a slowdown, but Fastenal's results show the company is managing.
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Source Fool.com
