Fastenal (FAST) CEO Discuses Meeting with Warren Buffett

Fastenal Co (NASDAQ: FAST) in on watch today following a weekend Barron's story disclosing CEO Willard Oberton lunched with Berkshire Hathaway's Warren Buffett, although the timing of that lunch is unclear.

The two penny-pinchers talked about sticking to basics and Mr. Buffett was curious about Fastenal's margins on threaded fasteners... and he was happy to hear they were as high as 80%.

Rising 500% as the S&P has just doubled, Fastenal's stock has ran into trouble in the fourth quarter as the company's decision to save money by slowing hiring backfired and left the stores short-handed. Also in a rare move, the company reduced earnings guidance by a penny per share.

More from Barron's can be found at their website

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