Fastenal 1st Quarter Net Income Jumps

View Comments
(credit: Jupiter Images)

(credit: Jupiter Images)

WINONA, Minn. (AP) — Fastenal Co., which makes nuts, bolts and other fasteners, said Tuesday its profit rose 42 percent in the first quarter as revenue climbed 23 percent.

Net income rose to $79.5 million, or 54 cents per share, for the three months ended March 31 from $56 million, or 38 cents per share last year. Analysts expected earnings of 51 cents per share, according to FactSet.

Revenue rose to $640.6 million from $520.8 million last year. Analysts expected revenue of $629.1 million.

Sales deteriorated during the recession, but they’ve been rebounding. The strengthening Canadian dollar and the acquisition of Holo-Krome in 2009 also added to revenue gains.

Winona, Minn.-based Fastenal opened more stores in the third-quarter compared to the prior-year period, 37 compared to 29. It plans to open 150 to 200 new stores in total during 2011.

Its shares fell $1.09, or 1.6 percent, to $66.41 in morning trading.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus

Get every new post delivered to your Inbox.

Join 4,229 other followers