The Winona, Minnesota-based company reported net income of $213.5 million, or 37 cents a share, up from $197.6 million, or 34 cents a share, and ahead of Wall Street's forecast of 36 cents. Sales increased 7.8% to $1.38 billion, beating analysts' calls for $1.37 billion.
Fastenal said the sales increase was spurred by higher unit sales related primarily to such growth drivers as higher unit sales and Onsite locations.
Sales were also driven by higher product pricing introduced late last year and throughout 2019 to offset the impacts of general and tariff-related inflation, the company said.
Fastener products sales grew 3% from a year ago, representing 33.7% of sales in the third quarter of 2019. Non-fastener products grew 8% from last year and represented 66.3% of sales in the third quarter of 2019.
Employee-related expenses, which represent 65% to 70% of total operating and administrative expenses, increased 4.2%, due mostly to a 4.1% increase in full-time equivalent headcount.