Fastenal Co.’s second-quarter net income climbed 19 percent as it opened more stores, but its revenue performance fell short of analysts’ estimates. The company’s stock dropped in premarket trading.
Fastenal, which sells nuts, bolts and other fasteners, reported on Thursday that it earned $112.3 million, or 38 cents per share, for the three months ended June 30. That’s up from $94.1 million, or 32 cents per share, in the year ago quarter
Analysts, on average, expected earnings of 37 cents per share, according to FactSet.
The per share figures reflect a 2-for-1 stock split in May 2011.
Revenue rose 15 percent to $804.9 million, from $701.7 million a year ago. That was below Wall Street’s average estimate of $807.7 million.
Fastenal said the sales growth rate, which topped 20 percent in January and February, slowed in April and May, but began to pick up again in June. (…)
via Fastenal 2Q profit up, revenue misses Street view – Businessweek.