Fastenal 3Q Profit, Revenue Rise on Growth with Larger Customers
Dow Jones10-14 19:09
Kelly Cloonan
Fastenal reported higher quarterly profit and revenue as it continued to notch more business with its larger customers.
The fastener-and-tool distributor on Wednesday posted a third-quarter profit of $401.6 million, or 35 cents a share, compared with $335.5 million, or 29 cents a share, a year earlier. Analysts polled by FactSet had expected earnings of 34 cents a share.
Sales climbed about 15% to $2.46 billion, compared with analyst estimates of $2.44 billion.
Fastenal said further business with its larger customers, higher prices and broad-based demand across its core end markets drove the overall top-line growth.
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