By Patrick Thomas

 

Fastenal Co. (FAST) shares rose about 16% to $36.10 Friday after it posted third-quarter earnings that beat analysts estimates.

The Winona, Minn.-based distributor of factory products reported a profit of $213.5 million, or 37 cents a share. Analysts polled by FactSet were expecting earnings of 35 cents a share.

"Execution of our pricing strategy improved nicely and produced better gross margin," Chief Executive Daniel Florness said in an investor presentation.

Sales rose to $1.38 billion from $1.28 billion a year earlier. Analysts had expected $1.37 billion of revenue in the quarter.

"Price-cost improved for the quarter as pricing efforts to offset tariffs and inflation gained traction," finance chief Holden Lewis said on a call with analysts.

 

Write to Patrick Thomas at patrick.thomas@wsj.com

 

(END) Dow Jones Newswires

October 11, 2019 11:01 ET (15:01 GMT)

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