Results from industrial distributor Fastenal offer investors an important look at how the U.S. economy is doing. Right about now, things should be getting better.
The company is also one of the earlier reporting companies each quarter. Third-quarter numbers are due Thursday morning. Wall Street is 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.
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. Mismatches between pricing gains and cost infaltions as well as supply chain issues have wreaked havoc on many profit and loss statements. Stability from Fastenal would be welcome.
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