FAST Fastenal Company

   By Allison Prang 
 

Fastenal Co.'s (FAST) profit dropped in the second quarter as net sales rose but the company reported an increase in income tax expense.

The company reported $204.6 million in profit, down 3.1% from the comparable quarter a year earlier. Earnings were 36 cents a share, down from 37 cents a share. Analysts polled by Refinitiv were expecting 37 cents a share.

Net sales rose 7.9% to $1.37 billion. Analysts were expecting $1.38 billion.

Income tax expense rose 22% to $66.8 million. The company's cost of sales also rose 12% and interest expense rose to $3.7 million, up from $3.2 million.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

July 11, 2019 07:29 ET (11:29 GMT)

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