Fastenal's Profit Falls as Income Tax Expense Increases

Date : 07/11/2019 @ 12:44PM
Source : Dow Jones News
Stock : Fastenal Company (FAST)
Quote : 31.12  0.44 (1.43%) @ 4:31PM

Fastenal's Profit Falls as Income Tax Expense Increases

Fastenal Company (NASDAQ:FAST)
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1 Month : From Jun 2019 to Jul 2019

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   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)

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

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