Fastenal (FAST) shares emerged as the primary performer in the S&P 500 this Friday. This occurred following the company's announcement of increased revenue, undeterred by logistical disruptions stemming from Hurricane Helene. The hardware company disclosed its third-quarter earnings per share (EPS) to be 52 cents, accompanying a revenue that had boosted by 3.5% to $1.91 billion, matching analyst predictions.
Hurricane Helene’s impact on Fastenal's operations within its Southeast and Atlantic Coastal regions resulted in a reduction in daily sales ranging from 5 to 25 basis points (bps) throughout the third quarter. Despite these adversities, the quarter ended on a stronger note than it began, particularly considering the hurricane's impact during the quarter's closing days, stated Fastenal Chief Executive Officer Dan Florness.
The revenue surge was attributed to an increase in larger customers and Fastenal’s enhanced on-site facilities implemented over the past two years. The company saw a 6.8% rise in safety supplies sales, with other product lines contributing a rise of 3.7%, counteracting a 4.0% slump in fastener sales.
Fastenal’s stock demonstrated significant growth, escalating nearly 10% to $76.81 this Friday afternoon, reaching its highest point since the beginning of April. Additionally, for this year to date, the shares have soared about 18.5%.