Fastenal Co

FAST: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$48.00	Cykvb	Vvbvyvgzs

Fastenal Earnings: Growth Initiatives Continue to Overcome Softer End Markets

Brian Bernard

Jul 12, 2024

We’ve maintained our $51 fair value estimate for Fastenal following the wide-moat industrial distributor’s second-quarter earnings release. The company's daily sales growth rate has been on a downward trend since 2022, with 18.0% in the second quarter of 2022, 5.9% in the second quarter of 2023, and just 1.8% in the second quarter of 2024. Nevertheless, Fastenal’s ability to deliver positive sales growth in a challenging demand environment is a testament to the ongoing success of its growth initiatives, in our view.

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