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 This material may not be published, broadcast, rewritten or redistributed.)