WINONA, Minn. (AP) — Fastenal Co., which makes nuts, bolts and other fasteners, said Tuesday its third-quarter net income rose by more than half, helped by better sales to manufacturers.
Net income rose 58 percent to $75 million, or 51 cents per share, from $47.6 million, or 32 cents per share, last year.
Sales rose 23 percent to $603.8 million from $489.3 million last year.
Analysts polled by Thomson Reuters, on average, expected net income of 50 cents per share on revenue of $595.5 million. Analyst estimates usually don't include extra items.
The company said the improving economy boosted results as did the strengthening Canadian dollar and the acquisition of screw and bolt maker Holo-Krome.
Despite the positive results, shares fell $1.75, or 3.2 percent, to $53 during afternoon trading. The stock has traded between $34.41 and $56.65 during the past 52 weeks.