Fastenal Posts Higher Q3 Profit

Fastenal Company FAST reported a rise in its earnings for the third quarter on Tuesday. The Winona, Minnesota-based company reported quarterly net earnings of $136.5 million, or $0.47 per share, compared to $133.3 million, or $0.45 per share, in the year-ago period. Its revenue climbed to $995.3 million from $980.8 million. However, analysts were expecting earnings of $0.46 per share on revenue of $1.01 billion. The average estimate among 30 Estimize users was for earnings of $0.48 per share and revenue of $1.01 billion. Its September sales slipped 0.3 percent. Gross profit shrank to 50.5 percent in the latest quarter, versus 50.8 percent in the year-ago quarter. During the third quarter, Fastenal purchased 600,000 shares of common stock at an average price of $38.44 per share. Fastenal shares fell 0.44 percent to close at $38.81 yesterday.