Earnings Preview: Fastenal
Fastenal Company (FAST) is expected to report Q3 earnings before market open Monday Oct. 13, with a conference call scheduled for 8:00 am ET.
Guidance
Analysts are looking for EPS of 51c on revenue of $624.02M. The consensus range is 48c to 52c for EPS, and $618.8M to $627.64M for revenue, according to First Call.
Analyst Views
The company stated on October 2 that it has felt the impact of a weakened economic environment in North America over much of 2007 and 2008 and that trends in September 2008 remained consistent with trends earlier in Q3 and earlier in the year. Fastenal beat analyst estimates on EPS and revenue last quarter and was upgraded to Outperform from Neutral by RW Baird shortly after. The firm upgraded the company based on valuation and sustainable Q2 trends. Baird also raised its target to $58 from $55.
The company, however, was downgraded to Underweight from Equal Weight by Morgan Stanley on October 7.
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