Fastenal appoints PwC as new accountant for 2025 By Investing.com

Fastenal Co . (NASDAQ:), a major player in the retail building materials and hardware industry, has announced a change in its independent registered public accounting firm. The company’s Audit Committee, part of the Board of Directors, has concluded a competitive process to select a new auditor for the fiscal year ending December 31, 2025.

On Monday, Fastenal informed KPMG LLP, its current accounting firm, that their services will be terminated immediately following the completion of their audit for the fiscal year ending December 31, 2024. KPMG will also issue a report on the company’s consolidated financial statements for this period. This decision was made without any reported disagreements or reportable events between Fastenal and KPMG during the fiscal years 2022 and 2023, or the subsequent interim period. KPMG’s audit reports for these years contained no adverse opinions or disclaimers and were not qualified or modified in any way.

Following the selection process, Fastenal has chosen PricewaterhouseCoopers LLP (PwC) as its new independent registered public accounting firm, starting with the review of the first quarter’s financial statements in 2025, pending completion of PwC’s standard client acceptance procedures. Fastenal has confirmed that it did not consult PwC on any accounting principles or auditing matters during the fiscal years 2022 and 2023, nor in the interim period up to the current report.

As part of the transition, Fastenal has provided KPMG with the disclosures made in the report and has included a letter from KPMG to the U.S. Securities and Exchange Commission (SEC) agreeing with the statements made by Fastenal.

In other recent news, Fastenal reported second-quarter earnings that met expectations, supported by strong June sales. Loop Capital maintained a Hold rating on Fastenal and raised the share price target to $64 from the previous $62, attributing this to improvements in several key performance indicators. Despite a challenging second quarter, Fastenal managed to maintain a strong balance sheet and healthy operating cash flow, generating $258 million in operating cash.

Meanwhile, Stifel adjusted its outlook on Fastenal, reducing the price target to $80 from the previous $85 but retaining its buy rating on the company’s stock. The firm’s analysis indicates that Fastenal’s recent developments, including increased Onsite and FMI signing growth, could lead to market share gains. Stifel also forecasts potential mid-single-digit revenue growth for Fastenal if the Purchasing Managers’ Index (PMI) and Industrial Production (IP) growth remain stable.

Fastenal also noted a 7.1% growth in safety products and strong performance in warehousing customer segments. The company plans to address negative pricing issues in the third quarter and improve pricing discipline. Fastenal anticipates net capital spending for the full year to be between $235 million and $255 million. These are all recent developments that could shape the company’s performance moving forward.

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