Fastenal Q3 EPS flat at $0.52; revenue up 3.5% but gross margin drops 100bps

FASTENAL CO

2024-Q3 EPS reported $1.55 revenue$5,721,500,000

Net sales $1.91B (+3.5% YoY); daily sales +1.9%, with one extra selling day.
Gross margin fell 100 bps to 44.9% on unfavorable customer/product mix and lower rebates.
Diluted EPS unchanged at $0.52; operating margin down 70 bps to 20.3%.
Onsite signings of 93 in Q3; active sites up 11.7% YoY; digital footprint at 61.1% of sales.
Operating cash flow $297M, down 23.5% due to inventory buildup; FY24 capex raised to $235-$255M.

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