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Stock Market & Financial Investment News

News Breaks
July 11, 2014
11:15 EDTFAST, GWW, HDSFastenal tumbles after reporting earnings, announcing store closures
Shares of industrial and construction supply retailer Fastenal (FAST) are lower after the company reported plans to close 45 stores in its second quarter earnings release. WHAT'S NEW: Fastenal's Q2 earnings per share of 44c matched analysts' consensus estimate, while its revenue of $949.94M narrowly missed analysts' consensus of $952.45M. The company said, "Our growth in net sales was impacted by slight inflationary price changes in our non-fastener products and some price deflation in our fastener products, but the net impact was a drag on growth." WHAT'S NOTABLE: During the company's earnings conference call, Fastenal announced plans to close 45 stores in the second half of this year. The company feels "very good" with what it has done in terms of sales so far this year and believes vending opportunity will be a "big part" of the company's future. Fastenal says that it has very good sales momentum and has "great momentum" overall for the company going into the back half of the year. The company says it will to continue to work hard on its margins and hopes to structurally improve them. Overall, Fastenal said that there is "plenty of room" for the company to improve gross margins over time. The retailer aims to continue to invest heavily in distribution infrastructure and vending. During 2013 and 1H14, Fastenal incurred some short-term debt to fund CapEx and dividends. This was expected and is expected to continue throughout the remainder of FY14 and possibly FY15. OTHERS TO WATCH: Other industrial products distributors include W.W. Grainger (GWW) and HD Supply (HDS). PRICE ACTION: During morning trading, shares of Fastenal slipped $2.16, or $4.5%, to $45.99. Shares of W.W. Grainger and HD Supply are down 1.7% and 0.9%, respectively.
News For FAST;GWW;HDS From The Last 14 Days
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October 23, 2014
11:52 EDTFASTFastenal management to meet with William Blair
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October 22, 2014
15:30 EDTFASTFastenal management to meet with William Blair
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October 16, 2014
07:33 EDTGWWGrainger reports Q3 US segment sales up 7%, Canada segment sales up 3%
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07:32 EDTGWWGrainger cuts FY14 EPS to $12.20-$12.30 from $12.20-$12.60, consensus $12.45
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07:31 EDTGWWGrainger reports Q3 EPS $3.30, consensus $3.29
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October 15, 2014
15:28 EDTGWWNotable companies reporting before tomorrow's open
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October 14, 2014
10:01 EDTFASTOn The Fly: Analyst Downgrade Summary
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07:24 EDTFASTFastenal downgraded to Neutral at Susquehanna
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06:57 EDTFASTFastenal downgraded to Neutral from Positive at Susquehanna

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