Shortfall Costs Fastenal
Stock quotes in this article:
FAST
Fastenal(FAST Quote) dropped 8% Wednesday after missing Wall Street's second-quarter earnings target.
The Winona, Minn.-based company earned $51.5 million, or 34 cents a share, in the quarter, compared with $44.6 million, or 30 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 36 cents a share in the most recent quarter. Second-quarter revenue rose 19.7% to $458.8 million as against analysts' expectation of $458.7 million. During the second quarter, vehicle fuel costs averaged about $2,096 a month, compared with about $1,500 a month in the second quarter of 2005. Operating profit increased 15.4% to $82.8 million while operating margin fell 67 basis points to 18%. Shares of Fastenal were down $3.13 to $35.42.- Loading Comments...
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