By: Jake Levinson
Industrial distributor prints this morning from FAST and MSM kick off industrial earnings season, and could have not have been more different. Distributors have become battleground stocks over the past few years given ongoing structural headwinds from account/channel mix, digital price transparency (i.e. Google), and Amazon risks. Add in investor anxiety
around an industrial short cycle peak, and building margin pressures from commodity/labor/freight inflation…Expectations for these names were low going into the print. Which makes this morning’s results all the more surprising.