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Fastenal 1st-quarter Profit Falls 29 Percent

Stock quotes in this article: FAST  

WINONA, Minn. (AP) — Industrial equipment maker Fastenal Co. said Tuesday its first-quarter profit dropped 29 percent as the continued economic slump cut into the company's sales.

Fastenal earned $48.7 million, or 33 cents per share, compared with $68.1 million, or 46 cents per share, for the same quarter last year. Sales dropped 14 percent to $489.3 million from $566.2 million in the year-ago period.

Analysts polled by Thomson Reuters expected a profit of 34 cents per share on $498 million in revenue. ...

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