Manufacturing Sigh of Relief
Fastenal (FAST) posted its earnings results, and many that were bracing for a manufacturing recession to drag the entire economy lower, let out a big sigh of relief. The company posted results that beat on top and bottom lines, and while management acknowledged a slowdown, the results dismissed the idea the bottom has fallen out.
Fastenal: About Us
Today, Fastenal is many things to many different customers: an expert consultant, a logistics company, a technology provider, and more generally, a distributor of wide-ranging industrial and construction products. These aspects of our service share a common foundation: great people, close to our customers.
Our service model centers on approximately 3,200 in-market locations (a combination of public branches and customer-specific on sites), each providing custom inventory and a dedicated sales team to support local customers.
The news sent FAST shares +17%, leading the way for Industrials to be the second-best performing sector in today’s session. Note: Materials are the best performing sector on this manufacturing relief and investors search for value. The Industrial sector (XLI) has been ranged-bound since late 2018, so while this is a welcomed move, there’s more to go before a breakout confirms the worst is over.
Charles V Payne @cvpayne
Manufacturing Miracle might be on pause but it was never supposed to happen in the first place and it's not over. Look at that spike in manufacturing employment.
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