Fastenal Co. (FAST) reported second-quarter earnings of 29 cents per share, missing the consensus forecast by more than 12%.

Revenue slipped 21% to $475 million, also behind Wall Street expectations, as the downturn affected its industrial production and non-residential construction businesses.

Manufacturing customers, accounting for about 45% to 50% of sales, contracted 28% year over year.

The company, which slowed its store openings this year, plans to boost the rate next year to between 7% and 10% if the economy stabilizes. The rate was 7.5% in 2008.

Meanwhile, the full-year consensus estimate has moved down 3 cents over the past 2 months and is now pegged at $1.36 per share.

Next-year’s estimate, derived from 9 covering analysts, declined 4 cents over the same period to $1.54 per share.

FAST, a Zacks #4 Rank (“Sell”) stock, has slipped less than 1% so far today on extraordinarily high volume of about 4.3 million, compared to the average daily volume of about 1.95 million.

 

“FAST” Free Stock Analysis: Buy? Sell? Hold?
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