Fastenal 3Q Sales Rise Despite Economic Worries

By Features FOXBusiness

Fastenal (FAST) revealed on Thursday a 29% improvement in third-quarter earnings that matched Wall Street expectations, as sales continued to trend higher despite global economic uncertainty.

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The Winona, Minn.-based wholesaler and retailer of industrial and construction supplies posted net earnings of $96.8 million, or 33 cents a share, compared with earnings of $74.9 million, or 25 cents a share, in the same quarter last year.

Analysts polled by Thomson Reuters had been expecting a profit of 33 cents.

Revenue for the three months ended Sept. 30 was $726.6 million, up 20.4% from $603.7 million a year ago, beating the Street’s view of $721.8 million.

“The growth in 2010, and into 2011, generally continues the improving trend we saw in the latter half of 2009,” Fastenal said in a statement.

The negative growth in 2009 stemmed from general economic weaknesses, the company said.

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