(By Balachander) Fastenal Co. (NASDAQ:FAST), which sells industrial and construction supplies, reported an increase in quarterly earnings, helped by growth in sales.
Earnings per share increased 12 percent to 37 cents, matching market expectations for the third quarter. Net earnings grew 13 percent to $109.32 million.
Net sales rose 10.4 percent to $802.6 million, in line with Wall Street view.
Gross profit margin shrank to 51.6 percent from 51.9 percent a year ago, hit by weakening of the company's selling prices in certain foreign markets, it said.
In the second quarter, Fastenal earned 38 cents a share on sales of $805 million.
The Winona, Minnesota-based company provides fastener product line, including threaded fasteners such as bolts, nuts, screws, studs, and related washers that are used in manufactured products and building projects.
As of Sept. 30, the company operated 2,650 stores.
The stock, which has been trading in the 52-week range of $32.26 to $55.05, closed Wednesday's regular trading at $42.32.