Fastenal Co.'s (FAST) second-quarter profit rose 39% on steady
sales to the company's industrial customers.
Fastenal, which sells fasteners, office products and other
industrial and construction supplies, has had improving results as
customers resume spending plans that were put on hold during the
recession.
Still, a surge in fuel and metal prices during the quarter
amounted to economic headwinds for the company. Tuesday, Fastenal
said its total vehicle fuel costs in the quarter rose 54% to $10.5
million.
Fastenal reported a profit of $94.1 million, or 32 cents a
share, up from $69.2 million, or 23 cents a share, a year earlier.
Revenue rose 23% to $701.7 million.
Analysts polled by Thomson Reuters recently forecast a per-share
profit of 30 cents on $689 million in revenue.
Sales to manufacturing customers rose 19%, helped by growth in
sales to industrial customers. Sales to non-residential
construction customers rose 16%.
The company has opened 75 new stores since the start of the
year, bringing the total to 2,565.
Shares closed Monday at $36 and were recently up 1.4% to $36.50
in premarket trade. The stock is up 20% since the start of the
year.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207;
mia.lamar@dowjones.com