Proactive Investors - Fastenal Co (NASDAQ:FAST) fell over 5% in early trading after disappointing with first-quarter results on Thursday morning.
Revenue climbed 1.9% to just shy of US$1.90 billion over the quarter, the construction supplier reported, though this was below Wall Street expectations for US$1.92 billion.
Diluted earnings per share of US$0.52, despite being up 0.6% year on year, also missed analysts' estimates of US$0.53.
Fastenal explained “adverse weather” had dealt a 0.35% to 0.55% hit to sales over the three months to March, which was worse than a year earlier.
Sales of its fasteners were also labelled as susceptible to periods of “weaker industrial production,” with prices of the products also having fallen quicker than others over the quarter.
“Non-residential and reseller end markets remain relatively weak,” Fastenal said, with growth in some sectors being “increasingly offset by weakening end markets”.
“The core issue is demand remains poor,” chief executive Dan Florness commented in an earnings call, “we had poor weather and a tricky calendar”.
Shares fell 5.8% to US$70.38.