A Giant Manufacturer just gave a glimpse into th

A Giant Manufacturer just gave a glimpse into this earnings season as it Tanks on Tariff Costs
PUBLISHED THU, JUL 11 2019 8:15 AM EDTUPDATED THU, JUL 11 2019 4:00 PM EDT

KEY POINTS
Minnesota-based Fastenal, the largest fastener distributor in North America, notes in its earnings report the damage the trade war has done to its business and the difficulty of countering the losses.
“While we successfully raised prices as one element of our strategy to offset tariffs placed to date on products sourced from China, those increases were not sufficient to also counter general inflation in the marketplace,” Fastenal says in a press release.

For those who don’t see the trade war with China hurting U.S. business, a big industrial with a $17 billion market value just sounded the alarm on tariffs costs and related inflation.

The Minnesota-based Fastenal, the largest fastener distributor in North America, reported worse-than-expected second-quarter earnings and revenue on Thursday. The company also particularly noted the damage the trade war has done to its business and the difficulty of countering the losses.

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“While we successfully raised prices as one element of our strategy to offset tariffs placed to date on products sourced from China, those increases were not sufficient to also counter general inflation in the marketplace,” Fastenal said in a press release.