Construction equipment supplier Fastenal’s CEO, Daniel Florness, has stated he is “encouraged about … our ability to pass through tariffs” on Chinese exports by the U.S. Yet, the impact on earnings has yet to be fully seen due to the first-in, first-out nature of the firm’s accounting and its inventory balance of 172 days has meant the “costs associated to the 10% tariff will being to roll into the P&L in the first quarter” according to CFO Holden Lewis. Inventories in 4Q rose 17.0% on a year earlier vs. revenues that increased 13.1%. China accounted for 48.9% of Fastenal’s imports in 20...