Results from industrial distributor Fastenal show things in this economy are challenging, but getting a little better. Improvement is a good thing.
Thursday morning, Fastenal announced third-quarter earnings per share of 52 cents from sales of $1.85 billion. Wall Street was looking for earnings per share of 50 cents from sales of $1.85 billion. A quarter ago, Fastenal reported 52 cents a share on $1.88 billion. A year ago, in the third quarter of 2022, Fasental earned 50 cents a share from sales of $1.80 billion.
The results look OK. Investors are relieved. Fastenal shares were up 6.4% in early trading Thursday. The S&P 500 and Dow Jones Industrial Average were down about 0.2% and 0.3%, respectively. Historically speaking, things should be about to get better. Baird analyst Dave Manthey wrote in late September that since 1990, industrial downturns like this one last an average of 12.2 months.
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