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Fastenal Q2 profits rise on higher sales

Published: 12:36 12 Jul 2012 EDT

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Fastenal Co. (NASDAQ:FAST) said fiscal second-quarter earnings popped nearly 20 per cent on higher sales, though margins narrowed.

The Winona, Minnesota-based retailer sells everything from paints to rigging hooks, cutting tools and welding supplies to the industrial and construction markets. 

Net income rose 19.3 per cent to $112.3 million, or 38 cents per share, compared to a year-previous profit of $94.1 million, or 32 cents a share. Sales for the quarter ended June 30 popped 14.7 per cent to $804 million from $701 million.

Analysts polled by Bloomberg expected per-share earnings of 37 cents, on $810 million in revenue for the latest quarter.

Shares, in afternoon trade, rose by 7.13 per cent hitting $42.65 each in trade on the Nasdaq Thursday.

During the first six months of the year, the company opened 53 new locations. That is an increase of 2 per cent since a year-ago.
The company, as of June 30, had 15,578 workers.

Gross margin, a measure of profitability, narrowed to 51.6 per cent from 52.2 per cent.

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