Shares of Fastenal (FAST) slipped Thursday a🌱s the distributor of fasteners and tools attributed lower-than-expected quarterly results to weakness in the manufacturing sector.

The company reported first-quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.52, with revenue increasing 1.9% year-over-year to $1.9 billion. Both were slightly below estimates. 澳洲幸运5官方开奖结果体彩网:Operating profit margin was 20.6%, also short of forecasts. Sales of fasteners dropped 4.4% from a year earlier.

CEO Daniel Florness said in an investor presentation that the “core issue remains poor demand.” He pointed to a sluggish 澳洲幸运5官方开奖结果体彩网:Purchasing Managers Index (PMI), explaining that “such slow growth" resulted in pressure on margins and EPSꦫ. He argued that “it is difficult to sustain margins at current sales growth rates.”

Florness added that poor weather and a “tricky calendar” also affected results. He noted that Good Friday came in March for the first time in five years, and landed on the last day of the quarter. In addition, the company’s seasonally slow months of January a꧋nd February had extra selling days, while the seasonally stronger month of March had two fewer.

Fastenal shares fell 4.3% to $71.53 as of 11:1൩9 a.m. ET Thursday but remained up more than 12% this year.