Fastenal's Q2 profit meets estimates on demand for safety supplies
July 12 -Industrial supplies maker Fastenal FAST.O met analysts' estimates for second-quarter profit and posted higher revenue on Friday, on the back of demand for its safety products, sending its shares up about 6% in premarket trading.
The Winona, Minnesota-based company makes fasteners, along with safety supplies such as protective wear, communication equipment and other crucial hardware products.
Daily sales rate for safety supplies rose 7.1%, while for fasteners, one of the wholesale distributor's core segments, fell 3%.
The company said it continued to experience relatively faster growth with warehousing customers due to market share gains and product mix, benefiting its safety product line — which accounted for nearly 21% of its total sales in 2023.
The nuts and bolts maker posted profit of 51 cents per share in the quarter ended June 30, in line with analysts' average estimate, according to LSEG data.
Its total revenue for the quarter rose about 1.8% to about $1.92 billion.
Reporting by Aishwarya Jain; Editing by Shilpi Majumdar
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