Fastenal Shares Jump 7.6% Premarket After Earnings Beat

By Ciara Linnane Markets MarketWatch Pulse

Shares of industrial and construction supplies company Fastenal Co. surged 7.6% Wednesday, after the company topped profit and revenue estimates for the second quarter. Winona, Mn.-based Fastenal said it had net income of $148.9 million, or 52 cents a share, in the quarter, up from $131.5 million, or 45 cents a share, in the year-earlier period. Sales climbed 10.6% to $1.122 billion from $1.01 billion. The FactSet consensus was for EPS of 50 cents and sales of $1.11 billion. "The second quarter of 2017 felt more like Fastenal," Chief Executive Dan Florness said in a statement. "We have grown well over the last year, but market headwinds have masked this growth." The company signed 41,881 industrial vending machines in the quarter, up 0.3% from the year-earlier period. It signed 68 new onsite locations, up 54.5%. It had 486 active sites on June 30, up 45.9% from the year earlier. Shares had fallen 7.2% through Tuesday, while the S&P 500 has gained 8%.

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