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Oct. 12, 2021, 7:30 a.m. EDT

Fastenal sales rise 10% but costs increase

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By Steve Gelsi

Fastenal Co. /zigman2/quotes/206312496/composite FAST -1.28% said Tuesday its third-quarter net income rose to $243.5 million or 42 cents a share from $221.5 million or 38 cents a share, in the year-ago quarter. Sales increased by 10% to $1.55 billion. A survey of analysts by FactSet estimated earnings of 42 cents a share on sales of $1.54 billion. Employee-related costs increased by 16.8%. The company said it'll continue to take actions in the fourth quarter to mitigate transportation and product costs, amid upward price pressure related to materials. The construction products distributor said it saw "strong growth in underlying demand for manufacturing and construction equipment and supplies." While the company recorded an uptick in sales of certain COVID-related supplies, relative to the prior year, "the impact on our net sales of the current increase in infections and hospitalizations is significantly reduced from what was experienced in the year earlier period," the company said. Shares of Fastenal fell 2.6% in pre-market trades Prior to Tuesday, the shares were up 7% in 2021, compared to a rise of 16.1% in the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.27% .

/zigman2/quotes/206312496/composite
US : U.S.: Nasdaq
$ 60.11
-0.78 -1.28%
Volume: 1.86M
Nov. 26, 2021 1:00p
P/E Ratio
38.96
Dividend Yield
1.86%
Market Cap
$35.02 billion
Rev. per Employee
$277,304
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/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
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