Fastenal 1Q Profit Rises 26 Percent
WINONA, Minn. (AP) — Fastenal Co., which sells nuts, bolts and other fasteners, said Thursday that its first-quarter profit jumped 26 percent as sales increased to its manufacturing and construction customers.
For the quarter ended March 31, the Winona, Minn.-based company earned $100.2 million, or 34 cents per share, up from $79.5 million, or 27 cents per share, in the year-ago quarter.
Revenue rose 20 percent to $768.9 million from $640.6 million, as sales increased by at least 19 percent during all three months of the quarter.
The profit matched Wall Street predictions. Analysts, on average, expected a profit of 34 cents per share on $764.7 million in revenue, according to a FactSet poll.
The Winona, Minn., company opened 28 new stores during the quarter, bringing its total to 2,611 as of March 31.
Shares fell 73 cents, or 1.5 percent, to $48.90 in heavy midday trading Thursday, after dropping as low as $47.73 earlier in the day. Meanwhile, the overall market pushed higher for the second day in a row, helped by a trio of encouraging reports on the global economy.
Fastenal shares are up nearly 14 percent so far this year and 54 percent over the past 12 months.