WINONA, Minn. (AP) — Fastenal Co. said Tuesday its second-quarter profit rose 59 percent to beat Wall Street estimates on higher sales of fasteners and other industrial supplies.
The company said a stronger Canadian dollar and contributions from its Holo-Krome business, acquired in December, also contributed to the stronger quarter.
Festenal is pushing forward with plans to open additional stores during the second half of this year. The company opened 45 new locations during the first six months of the year and expects to open another 80 to 95 during the next six months.
Fastenal said net income in the three months ended June 30 rose to $69.2 million, or 47 cents per share, from $43.5 million, or 29 cents per share, in the same period last year.
Revenue rose 20 percent to $571.2 million.
The results beat analyst expectations. Analyst surveyed by Thomson Reuters expected 44 cents per share on $568.7 million.
Still, company shares fell 64 cents to $51.98 in early trading. The stock has traded between $29.25 and $56.65 in the last 52 weeks.
