Fastenal 3rd-Quarter Net Income Rises 9 Percent

View Comments
(credit: Jupiter Images)

(credit: Jupiter Images)

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.

(© Copyright 2013 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 This material may not be published, broadcast, rewritten or redistributed.)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 4,307 other followers