Fastenal Company (NASDAQ:FAST) shares are trading higher after the company reported better-than-expected third-quarter results.
Fastenal reported sales growth of 3.5% year-over-year to $1.910 billion, beating the consensus of $1.908 billion. Unit sales increased in the quarter due to growth from larger customers, new Onsite locations, and an extra selling day, despite minor disruptions from Hurricane Helene and stable pricing.
Weighted FASTBin/FASTVend signings (MEUs) rose 22% Y/Y to 7,281; Weighted FASTBin/FASTVend installations rose 11.8% Y/Y.
In the third quarter, FAST’s Digital Footprint represented 61.1% of sales, an increase from 57.1% a year ago.
The gross margin contracted to 44.9% from 45.9%, primarily due to unfavorable customer and ...
