What's Going On With Fastenal Company Stock Today

Fastenal Company FAST shares are trading lower after the company reported Q1 financial results.

What Happened: On Thursday, Fastenal released its first quarter financial results for the period ending March 31, 2023. The company reported quarterly sales of $0.52 per share compared to the analyst consensus estimate of $0.50, representing a positive earnings surprise of 4%. The company reported quarterly sales of $1.86 billion, which is inline with the analyst consensus estimate.

Fastenal also noted that the company was experiencing margin pressures, with gross margin contracting 90 basis points and the impact of product pricing on net sales increasing 290-320 basis points compared to the same period last year.

On Wednesday, the company also announced a cash dividend of $0.35 per share to be paid on May 25, 2023.

Fastenal provides a broad offering of industrial supplies, including fastener, safety, and metal-cutting products, to manufacturing, construction, and state and local government customers through over 3,300 in-market locations spanning 25 countries.

According to data from Benzinga Pro, Fastenal Company shares were down 0.65%, trading at $52.21 at the time of publication. The stock has a 52-week high of $59.74 and a 52-week low of $43.74.