Fastenal Company's (NASDAQ:FAST) profit climbed in the second quarter.
Earnings and Revenue The company's EPS topped estimates and revenues came in line with Wall Street's expectations. The company reported EPS of 38 cents a share versus the 37 cents a share estimate and revenues of $804.9 million versus the $807.6 million estimate.
The company's net income for the quarter rose 19.3% to $112.3 million. Revenue climbed 14.7% from $701.7 million in the same period last year.
Company Fundamental Trends Last quarter marked the third in a row of rising net income. The company has averaged revenue growth of 19.9% over the past five quarters.
History Against Expectations The company topped estimates last quarter after falling in line with expectations in the first quarter. It reported net income of 34 cents per share.
Official Comment: We grow by continuously adding customers and by increasing the activity with each customer. We believe this growth is enhanced by our close proximity to our customers, which allows us to provide a range of services and product availability that our competitors can't easily match. Historically, we expanded our reach by opening stores at a very fast pace. These openings were initially in the United States, but expanded beyond the United States beginning in the mid 1990's.
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.