Fastenal Company (Nasdaq:FAST), a leader in the wholesale
distribution of industrial and construction supplies, today
announced its financial results for the quarter ended
September 30, 2018. Except for share and per share
information, or as otherwise noted below, dollar amounts are stated
in millions. Throughout this document, percentage and dollar
calculations, which are based on non-rounded dollar values, may not
be able to be recalculated using the dollar values included in this
document due to the rounding of those dollar values.
PERFORMANCE SUMMARY
|
Nine-month Period |
|
Three-month Period |
|
2018 |
|
2017 |
|
Change |
|
2018 |
|
2017 |
|
Change |
Net sales |
$ |
3,733.5 |
|
|
3,302.0 |
|
|
13.1 |
% |
|
$ |
1,279.8 |
|
|
1,132.8 |
|
|
13.0 |
% |
Business days |
191 |
|
|
191 |
|
|
|
|
63 |
|
|
63 |
|
|
|
Daily sales |
$ |
19.5 |
|
|
17.3 |
|
|
13.1 |
% |
|
$ |
20.3 |
|
|
18.0 |
|
|
13.0 |
% |
Gross profit |
$ |
1,811.1 |
|
|
1,632.4 |
|
|
11.0 |
% |
|
$ |
615.8 |
|
|
555.9 |
|
|
10.8 |
% |
% of sales |
48.5 |
% |
|
49.4 |
% |
|
|
|
48.1 |
% |
|
49.1 |
% |
|
|
Operating income |
$ |
765.8 |
|
|
678.5 |
|
|
12.9 |
% |
|
$ |
262.3 |
|
|
228.5 |
|
|
14.8 |
% |
% of sales |
20.5 |
% |
|
20.5 |
% |
|
|
|
20.5 |
% |
|
20.2 |
% |
|
|
Earnings before income taxes |
$ |
757.2 |
|
|
672.3 |
|
|
12.7 |
% |
|
$ |
259.4 |
|
|
226.0 |
|
|
14.8 |
% |
% of sales |
20.3 |
% |
|
20.4 |
% |
|
|
|
20.3 |
% |
|
20.0 |
% |
|
|
Net earnings |
$ |
583.1 |
|
|
426.2 |
|
|
36.8 |
% |
|
$ |
197.6 |
|
|
143.1 |
|
|
38.1 |
% |
Diluted net earnings per share |
$ |
2.03 |
|
|
1.48 |
|
|
37.4 |
% |
|
$ |
0.69 |
|
|
0.50 |
|
|
38.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Results of Operations
Net sales increased $147.0, or 13.0%, from the third quarter of
2017 to the third quarter of 2018. This increase was driven by
higher unit sales related primarily to continued strength in
underlying market demand and contribution from our growth drivers,
most notably industrial vending and Onsite locations. A lesser
contributor to our sales growth in the third quarter of 2018 was
higher product pricing as a result of increases instituted at the
end of the fourth quarter of 2017 and during July and August of
2018 to mitigate inflation in the marketplace. Fastener products
represented 34.7% of sales in the third quarter of 2018. Daily
sales of fastener products grew 10.8%. Our sales of non-fastener
products represented 65.3% of sales in the third quarter of 2018
and grew 14.9% on a daily basis.
Our gross profit, as a percentage of net sales, declined 100
basis points to 48.1% in the third quarter of 2018 from 49.1% in
the third quarter of 2017. We realized higher incremental pricing
in the third quarter of 2018, which largely offset incremental cost
increases that we also experienced in the period. The most
significant factors behind the decline in our gross profit
percentage in the period were the impact of customer and product
mix as well as higher freight costs at the branch level. These,
combined with impacts from foreign exchange and other
organizational elements, reduced our gross profit percentage in the
third quarter of 2018. Relative to the second quarter of 2018, our
third quarter of 2018 gross profit percentage declined 60 basis
points from 48.7%. The customer and product mix effect was not
as great from the second quarter of 2018 to the third quarter of
2018 as it was from the third quarter of 2017 to the third quarter
of 2018. The branch freight and organizational elements that
affected the year-over-year change in our gross profit percentage
contributed to the decline from the second quarter of 2018 to the
third quarter of 2018.
Our operating income, as a percentage of net sales, improved to
20.5% in the third quarter of 2018 from 20.2% in the third quarter
of 2017. Our operating and administrative expenses (including
the gain on sales of property and equipment), as a percentage of
net sales, improved to 27.6% in the third quarter of 2018 compared
to 28.9% in the third quarter of 2017. The primary reason for this
improvement was our ability to leverage employee-related,
occupancy-related, and general corporate expenses.
Employee-related expenses, which represent 65% to 70% of
operating and administrative expenses, increased 10.3% in the third
quarter of 2018 when compared to the third quarter of 2017. The
increase in employee-related expenses was mainly related to: (1)
higher bonuses and commissions due to growth in net sales and net
earnings, (2) an increase in our full-time equivalent ('FTE')
headcount, and (3) inflation in base wages, although this last
factor did moderate relative to prior periods. Occupancy-related
expenses, which represent 15% to 20% of operating and
administrative expenses, increased 2.3%. This was primarily due to
an increase in expenses related to industrial vending equipment
while facility costs were flat. Selling transportation expenses,
which represent approximately 5% of operating and administrative
expenses, increased 10.7% mainly due to: (1) higher average fuel
prices and consumption during the period, and (2) costs related to
a higher total vehicle count.
Our net interest expense was $3.0 in the third quarter of 2018
compared to $2.5 in the third quarter of 2017. This increase was
mainly caused by higher average interest rates during the
period.
We recorded income tax expense of $61.8 in the third quarter of
2018, or 23.8% of earnings before income taxes. This reflects
primarily two items: (1) the estimated impacts of the tax
legislation commonly referred to as the Tax Cuts and Jobs Act (the
'Tax Act') resulted in a lower tax rate beginning in the first
quarter of 2018, and (2) the estimated impact of a one-time benefit
of approximately $1.9 related to a slight reduction in our
estimated transition tax liability and accelerating depreciation
for certain physical assets. This $1.9 benefit lowered our income
tax rate for the third quarter of 2018 by 80 basis points. Income
tax expense was $82.9 in the third quarter of 2017, or 36.7% of
earnings before income taxes. We continue to believe our ongoing
tax rate will be in the 24.5% to 25.0% range.
Our net earnings during the third quarter of 2018 were $197.6,
an increase of 38.1% when compared to the third quarter of 2017.
Our diluted net earnings per share were $0.69 during the third
quarter of 2018 compared to $0.50 during the third quarter of 2017.
We believe the combined effects of discrete tax items and the lower
tax rate resulting from the impact of the Tax Act benefited our
basic and diluted earnings per share by $0.12 in the third quarter
of 2018.
Growth Driver Performance
We signed 5,877 industrial vending devices during the third
quarter of 2018, an increase of 23.2% compared to the third quarter
of 2017, and signed 17,093 industrial vending devices during the
first nine months of 2018, an increase of 13.3% compared to the
first nine months of 2017. Our installed device count on September
30, 2018 was 78,706, an increase of 14.0% over September 30, 2017.
Sales through our vending devices continued to grow at a pace of
approximately 20% in the third quarter of 2018 due to the increase
in the installed base, and to a lesser degree, an increase in
revenue per device. These amounts do not include approximately
15,000 vending devices deployed as part of our lease locker
program.
We signed 88 new Onsite locations (defined as dedicated sales
and service provided from within, or in close proximity to, the
customer's facility) during the third quarter of 2018 compared to
81 signings in the third quarter of 2017, an increase of 8.6%. We
signed 269 new Onsite locations during the first nine months of
2018 compared to 213 signings in the first nine months of 2017, an
increase of 26.3%. We had 828 active sites on September 30, 2018,
which represented an increase of 49.2% from September 30, 2017. Our
2018 goal for Onsite signings remains in the range of 360-385.
We signed 41 new national account contracts (defined as new
customer accounts with a multi-site contract) in the third quarter
of 2018, and revenues attributable to national account customers
represented 51.5% of our total revenues in the period. Daily sales
to our national account customers grew 18.0% in the third quarter
of 2018 over the third quarter of 2017. Beyond signings (or growth
activities), our large customers can provide insights into the
trends of our overall marketplace. Demand began to improve in the
first quarter of 2017, and strengthened in the second quarter of
2017 when sales to 68 of our top 100 customers were growing. That
pattern continued with sales to 72 of our top 100 customers growing
in the third and fourth quarters of 2017, and sales to 78 of our
top 100 customers growing in the first quarter of 2018. In the
second and third quarters of 2018, sales to 80 and 79 of our top
100 customers grew, respectively. We believe the consistently high
level of these figures throughout 2018 is representative of healthy
and stable growth year-to-date. Similarly, sales to our
non-national account customers continued to grow at a mid- to
high-single digit rate in the third quarter of 2018.
Balance Sheet and Cash Flow
We produced operating cash flow of $496.2 in the first nine
months of 2018, representing 85.1% of the period's net earnings
versus 107.0% in the first nine months of 2017. The decline in our
operating cash flow as a percentage of net earnings largely
reflects working capital trends as further described below. We
invested $88.8 for property and equipment, net of proceeds from
sales, in the first nine months of 2018 compared to $76.5 in the
first nine months of 2017. We are reducing our anticipated net
spending on property and equipment for 2018 to $152.0 from $158.0
to reflect year-to-date spending levels, the timing of expenditures
for distribution center equipment, and slightly higher proceeds
from sales of property and equipment. Our new expected net spend
amount for property and equipment represents an increase of $39.5,
or 35.1%, from 2017.
We returned $367.9 to our shareholders in the first nine months
of 2018 in the form of dividends ($327.5) and purchases of our
common stock ($40.4), compared to $359.7 (dividends of $277.1 and
purchases of our common stock of $82.6) in the first nine months of
2017.
Total debt on our balance sheet was $390.0 at the end of the
third quarter of 2018, or 14.4% of total capital (the sum of
stockholders' equity and total debt). This compares to $440.0, or
17.8% of total capital, at the end of the third quarter of
2017.
Accounts receivable were $772.5 at the end of the third quarter
of 2018, an increase of $140.4, or 22.2%, over the third quarter of
2017. A part of this increase reflects sustained strong sales
growth overall combined with relatively stronger growth in the
first nine months of 2018 of our national accounts and our
international business, each of which tend to have longer payment
terms than our business as a whole. As has been the case since the
fourth quarter of 2017, growth in net accounts receivable in the
period also continued to be impacted by the timing of customers'
payments. Inventories were $1,194.7 at the end of the third quarter
of 2018, an increase of $147.7, or 14.1%, over the third quarter of
2017. This increase is primarily to support healthy business
activity and sales growth, including a large increase in the number
of installed vending devices and active Onsite locations, but has
also begun to reflect the impact of inflation. Accounts payable
were $186.0 at the end of the third quarter of 2018, an increase of
$38.9, or 26.5%, from the third quarter of 2017, driven by an
increase in inventory demand due to sales growth.
Additional Information
The table below summarizes our total and FTE (based on 40 hours
per week) employee headcount, our investments in in-market
locations (defined as the sum of the total number of public branch
locations and the total number of active Onsite locations), and
industrial vending devices at the end of the periods presented and
the percentage change compared to the end of the prior periods.
|
|
|
|
|
Change Since: |
|
|
|
Change Since: |
|
Q32018 |
|
Q4 2017 |
|
Q4 2017 |
|
Q32017 |
|
Q32017 |
In-market locations - absolute employee headcount |
13,749 |
|
13,424 |
|
2.4 |
% |
|
13,298 |
|
3.4 |
% |
In-market locations - FTE employee headcount |
11,995 |
|
11,549 |
|
3.9 |
% |
|
11,480 |
|
4.5 |
% |
Total absolute employee headcount |
21,182 |
|
20,565 |
|
3.0 |
% |
|
20,242 |
|
4.6 |
% |
Total FTE employee headcount |
18,314 |
|
17,519 |
|
4.5 |
% |
|
17,329 |
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
Number of public branch locations |
2,261 |
|
2,383 |
|
-5.1 |
% |
|
2,418 |
|
-6.5 |
% |
Number of active Onsite locations |
828 |
|
605 |
|
36.9 |
% |
|
555 |
|
49.2 |
% |
Number of in-market locations |
3,089 |
|
2,988 |
|
3.4 |
% |
|
2,973 |
|
3.9 |
% |
Industrial vending devices (installed device count) (1) |
78,706 |
|
71,421 |
|
10.2 |
% |
|
69,058 |
|
14.0 |
% |
Ratio of industrial vending devices to in-market
locations |
25:1 |
|
24:1 |
|
|
|
23:1 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
This number
represents devices which principally dispense product and produce
product revenues, and excludes approximately 15,000 devices which
are principally used for the check-in/check-out of equipment. |
|
|
|
During the last twelve months, we increased our absolute
employee headcount by 451 people in our in-market locations and 940
people in total. The increase is mostly a function of additions we
have made to support customer growth in the field as well as
investments in our growth drivers.
We opened three branches in the third quarter of 2018 and closed
30 branches. Additionally, two branches were converted from a
public branch to a non-public location. Our in-market network forms
the foundation of our business strategy, and we will continue to
open or close locations as is deemed necessary to sustain and
improve our network and support our growth drivers.
CONFERENCE CALL TO DISCUSS QUARTERLY
RESULTS
As we previously disclosed, we will host a conference call today
to review the quarterly results, as well as current
operations. This conference call will be broadcast live over
the Internet at 9:00 a.m., central time. To access the
webcast, please go to the Fastenal Company Investor Relations
Website at http://investor.fastenal.com/events.cfm.
ADDITIONAL MONTHLY AND QUARTERLY
INFORMATION
We publish on the 'Investor Relations' page of our website at
www.fastenal.com both our monthly consolidated net sales
information and the presentation for our quarterly conference call
(which includes information, supplemental to that contained in our
earnings announcement, regarding results for the quarter). We
expect to publish the consolidated net sales information for each
month, other than the third month of a quarter, at 6:00 a.m.,
central time, on the fourth business day of the following month. We
expect to publish the consolidated net sales information for the
third month of each quarter and the conference call presentation
for each quarter at 6:00 a.m., central time, on the date our
earnings announcement for such quarter is publicly released.
FORWARD LOOKING STATEMENTS
Certain statements contained in this document do not relate
strictly to historical or current facts. As such, they are
considered 'forward-looking statements' that provide current
expectations or forecasts of future events. These forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
can be identified by the use of terminology such as anticipate,
believe, should, estimate, expect, intend, may, will, plan, goal,
project, hope, trend, target, opportunity, and similar words or
expressions, or by references to typical outcomes. Any statement
that is not a historical fact, including estimates, projections,
future trends, and the outcome of events that have not yet
occurred, is a forward-looking statement. Our forward-looking
statements generally relate to our expectations regarding the
business environment in which we operate, our projections of future
performance, our perceived marketplace opportunities, our
strategies, goals, mission, and vision, and our expectations about
future capital expenditures. You should understand that
forward-looking statements involve a variety of risks and
uncertainties, known and unknown, and may be affected by inaccurate
assumptions. Consequently, no forward-looking statement can be
guaranteed and actual results may vary materially. Factors that
could cause our actual results to differ from those discussed in
the forward-looking statements include, but are not limited to,
those detailed in our most recent annual and quarterly reports.
Each forward-looking statement speaks only as of the date on which
such statement is made, and we undertake no obligation to update
any such statement to reflect events or circumstances arising after
such date. FAST-E
FASTENAL COMPANY AND
SUBSIDIARIES |
Condensed Consolidated Balance
Sheets |
(Amounts in millions except share
information) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
Assets |
|
September 30, 2018 |
|
December 31, 2017 |
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
129.7 |
|
|
116.9 |
|
Trade accounts receivable, net of allowance for
doubtful accounts of $11.7 and $11.9, respectively |
|
772.5 |
|
|
607.8 |
|
Inventories |
|
1,194.7 |
|
|
1,092.9 |
|
Prepaid income taxes |
|
2.2 |
|
|
— |
|
Other current assets |
|
126.4 |
|
|
118.1 |
|
Total current assets |
|
2,225.5 |
|
|
1,935.7 |
|
|
|
|
|
|
Property and equipment, net |
|
883.8 |
|
|
893.6 |
|
Other assets |
|
84.6 |
|
|
81.2 |
|
|
|
|
|
|
Total assets |
|
$ |
3,193.9 |
|
|
2,910.5 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Current portion of debt |
|
$ |
2.5 |
|
|
3.0 |
|
Accounts payable |
|
186.0 |
|
|
147.5 |
|
Accrued expenses |
|
227.6 |
|
|
194.0 |
|
Income taxes payable |
|
— |
|
|
6.5 |
|
Total current liabilities |
|
416.1 |
|
|
351.0 |
|
|
|
|
|
|
Long-term debt |
|
387.5 |
|
|
412.0 |
|
Deferred income taxes |
|
74.7 |
|
|
50.6 |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock: $0.01 par value, 5,000,000 shares
authorized, no shares issued or outstanding |
|
— |
|
|
— |
|
Common stock: $0.01 par value, 400,000,000 shares
authorized, 287,056,618 and 287,591,536 shares issued and
outstanding, respectively |
|
2.9 |
|
|
2.9 |
|
Additional paid-in capital |
|
7.4 |
|
|
8.5 |
|
Retained earnings |
|
2,342.0 |
|
|
2,110.6 |
|
Accumulated other comprehensive loss |
|
(36.7 |
) |
|
(25.1 |
) |
Total stockholders' equity |
|
2,315.6 |
|
|
2,096.9 |
|
|
|
|
|
|
Total liabilities and stockholders'
equity |
|
$ |
3,193.9 |
|
|
2,910.5 |
|
|
|
|
|
|
|
|
|
FASTENAL COMPANY AND
SUBSIDIARIES |
Condensed Consolidated Statements
of Earnings |
(Amounts in millions except
earnings per share) |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
Nine Months EndedSeptember 30, |
|
Three Months EndedSeptember
30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
$ |
3,733.5 |
|
|
3,302.0 |
|
|
$ |
1,279.8 |
|
|
1,132.8 |
|
|
|
|
|
|
|
|
|
Cost of sales |
1,922.4 |
|
|
1,669.6 |
|
|
664.0 |
|
|
576.9 |
|
Gross profit |
1,811.1 |
|
|
1,632.4 |
|
|
615.8 |
|
|
555.9 |
|
|
|
|
|
|
|
|
|
Operating and administrative expenses |
1,045.8 |
|
|
955.0 |
|
|
353.8 |
|
|
327.5 |
|
Gain on sale of property and equipment |
(0.5 |
) |
|
(1.1 |
) |
|
(0.3 |
) |
|
(0.1 |
) |
Operating income |
765.8 |
|
|
678.5 |
|
|
262.3 |
|
|
228.5 |
|
|
|
|
|
|
|
|
|
Interest income |
0.3 |
|
|
0.3 |
|
|
0.1 |
|
|
0.1 |
|
Interest expense |
(8.9 |
) |
|
(6.5 |
) |
|
(3.0 |
) |
|
(2.6 |
) |
|
|
|
|
|
|
|
|
Earnings before income taxes |
757.2 |
|
|
672.3 |
|
|
259.4 |
|
|
226.0 |
|
|
|
|
|
|
|
|
|
Income tax expense |
174.1 |
|
|
246.1 |
|
|
61.8 |
|
|
82.9 |
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
583.1 |
|
|
426.2 |
|
|
$ |
197.6 |
|
|
143.1 |
|
|
|
|
|
|
|
|
|
Basic net earnings per share |
$ |
2.03 |
|
|
1.48 |
|
|
$ |
0.69 |
|
|
0.50 |
|
|
|
|
|
|
|
|
|
Diluted net earnings per share |
$ |
2.03 |
|
|
1.48 |
|
|
$ |
0.69 |
|
|
0.50 |
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
287.3 |
|
|
288.5 |
|
|
287.0 |
|
|
287.5 |
|
|
|
|
|
|
|
|
|
Diluted weighted average shares
outstanding |
287.5 |
|
|
288.6 |
|
|
287.3 |
|
|
287.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FASTENAL COMPANY AND
SUBSIDIARIES |
Condensed Consolidated Statements
of Cash Flows |
(Amounts in millions) |
|
|
(Unaudited) |
|
|
Nine Months EndedSeptember 30, |
|
|
2018 |
|
2017 |
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
Net earnings |
|
$ |
583.1 |
|
|
426.2 |
|
Adjustments to reconcile net earnings to net cash
provided by operating activities, net of acquisitions: |
|
|
|
|
Depreciation of property and equipment |
|
99.3 |
|
|
92.3 |
|
Gain on sale of property and equipment |
|
(0.5 |
) |
|
(1.1 |
) |
Bad debt expense |
|
5.1 |
|
|
6.2 |
|
Deferred income taxes |
|
24.1 |
|
|
2.3 |
|
Stock-based compensation |
|
3.8 |
|
|
4.0 |
|
Amortization of intangible assets |
|
3.0 |
|
|
2.8 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
Trade accounts receivable |
|
(172.0 |
) |
|
(126.2 |
) |
Inventories |
|
(104.9 |
) |
|
(31.2 |
) |
Other current assets |
|
(8.3 |
) |
|
(15.2 |
) |
Accounts payable |
|
38.5 |
|
|
35.9 |
|
Accrued expenses |
|
33.6 |
|
|
42.3 |
|
Income taxes |
|
(8.7 |
) |
|
19.5 |
|
Other |
|
0.1 |
|
|
(1.9 |
) |
Net cash provided by operating activities |
|
496.2 |
|
|
455.9 |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Purchases of property and equipment |
|
(97.1 |
) |
|
(82.7 |
) |
Proceeds from sale of property and equipment |
|
8.3 |
|
|
6.2 |
|
Cash paid for acquisitions |
|
(3.7 |
) |
|
(58.7 |
) |
Other |
|
(6.4 |
) |
|
(3.0 |
) |
Net cash used in investing activities |
|
(98.9 |
) |
|
(138.2 |
) |
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from debt obligations |
|
640.0 |
|
|
805.0 |
|
Payments against debt obligations |
|
(665.0 |
) |
|
(750.0 |
) |
Proceeds from exercise of stock options |
|
11.3 |
|
|
3.5 |
|
Purchases of common stock |
|
(40.4 |
) |
|
(82.6 |
) |
Payments of dividends |
|
(327.5 |
) |
|
(277.1 |
) |
Net cash used in financing activities |
|
(381.6 |
) |
|
(301.2 |
) |
|
|
|
|
|
Effect of exchange rate changes on cash and
cash equivalents |
|
(2.9 |
) |
|
4.2 |
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
12.8 |
|
|
20.7 |
|
|
|
|
|
|
Cash and cash equivalents at beginning of
period |
|
116.9 |
|
|
112.7 |
|
Cash and cash equivalents at end of
period |
|
$ |
129.7 |
|
|
133.4 |
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
Cash paid for interest |
|
$ |
8.9 |
|
|
6.1 |
|
Net cash paid for income taxes |
|
$ |
158.0 |
|
|
223.8 |
|
|
|
|
|
|
|
|
|
CONTACT: |
|
Ellen
StoltsFinancial Reporting & Regulatory Compliance
Manager507-313-7282 |
|
|
|
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