WINONA, Minn. (AP) — Fastenal Co. said Wednesday its third-quarter net income rose 9 percent, helped by the installations of more industrial vending machines that sell its products.
But the results fell slightly short of Wall Street predictions and Fastenal shares dropped 5 percent in premarket trading.
The company, which sells and distributes tools and other industrial and construction supplies, earned $119.4 million, or 40 cents per share, up from $109.3 million, or 37 cents per share, in the same quarter the year before.
Total revenue rose 7 percent to $858.4 million from $802.6 million.
Analysts, on average, expected a profit of 41 cents per share on $863.4 million in revenue, according to FactSet.
Fastenal’s total number of stores rose 1.4 percent from a year ago to 2,686 as of Sept. 30, while its total number of vending machines jumped 90 percent from a year ago to 32,248.
The company posted sales increases for each of the three months of the quarter.
In premarket trading, shares of Winona, Minn.-based Fastenal fell $2.48, or 5 percent, to $47.50.
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