Manufacturing Sigh of Relief
10/11/2019
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. XLI
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.
Charles Payne
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