Fastenal Co. (FAST: Quote) said its net earnings for the first quarter rose 26% to $100.19 million from $79.55 million in the same quarter a year earlier. Earnings per share improved to $0.34 from $0.27 in the year-ago quarter.
Quarterly sales climbed 20% to $768.88 million from $640.58 million in the prior year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share on revenues of $768.56 million for the quarter. Analysts' estimates typically exclude special items.
In addition, during the first three months of 2012, the company opened 28 new stores, an increase of 1.1% since December 31, 2011.
Fastenal further stated that it did not purchase any stock in the first quarter of 2012. At present, it has authority to buy up to 1.8 million shares.
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by RTT Staff Writer
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