Fastenal Climbs on Profit Beat
April 11 2019 - 10:33AM
Dow Jones News
By Kimberly Chin
Fastenal Co. (FAST) had better-than-expected profit in the
latest quarter as sales and pricing improved, sending shares up
5.9% on Thursday.
Fastenal was the leading gainer on the S&P 500 in morning
trading.
Per-share profits came in a penny ahead of consensus forecasts,
according to a Refinitiv poll of analysts. "The beat was from sales
leverage," a BMO Capital Markets analyst said in a note.
The company said it had higher net interest expense and other
expenses in the quarter as it aims to expand its distribution
center assets and purchase vending equipment to support higher
underlying demand.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
April 11, 2019 11:18 ET (15:18 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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