company Fastenal FAST Shares are trading lower after the company released financial results for the first quarter.

What happened: On Thursday, Fastenal released its financial results for the first quarter for the period ended March 31, 2023. The company reported quarterly sales of $0.52 per share compared to analyst consensus estimate of $0.50, which translated to an upside earnings surprise of 4 % is equivalent to. The company reported quarterly revenue of $1.86 billion, in line with analyst consensus estimates.

Fastenal also noted that the company was suffering from margin pressures, with gross margin shrinking 90 basis points and the impact of product prices on net sales increasing 290 to 320 basis points compared to the prior-year period.

On Wednesday, the company also announced a cash dividend of $0.35 per share, to be paid on May 25, 2023.

Fastenal offers a wide range of industrial supplies, including fastening, safety and metal cutting products, to customers in manufacturing, construction, and state and local government from more than 3,300 market locations in 25 countries.

According to data from Gasoline Pro, Fastenal Company shares are down 0.65% to trade at $52.21 at the time of publication. The stock has a 52-week high of $59.74 and a 52-week low of $43.74.