Fastenal Climbs on Profit Beat

Date : 04/11/2019 @ 3:33PM
Source : Dow Jones News
Stock : Fastenal Company (FAST)
Quote : 36.02  0.0 (0.00%) @ 10:31AM

Fastenal Climbs on Profit Beat

Fastenal (NASDAQ:FAST)
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By Kimberly Chin

 

Fastenal Co. (FAST) had better-than-expected profit in the latest quarter as sales and pricing improved, sending shares up 5.9% on Thursday.

Fastenal was the leading gainer on the S&P 500 in morning trading.

Per-share profits came in a penny ahead of consensus forecasts, according to a Refinitiv poll of analysts. "The beat was from sales leverage," a BMO Capital Markets analyst said in a note.

The company said it had higher net interest expense and other expenses in the quarter as it aims to expand its distribution center assets and purchase vending equipment to support higher underlying demand.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

April 11, 2019 11:18 ET (15:18 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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