TheStreet

Shares of Fastenal (FAST - Get Report) , an industrial supplies distributor, were rising in premarket trading Thursday after the company beat expectations on both the top and bottom lines. 

The stock was rising 4.66% to $68.23.

Earnings per share for the first quarter of 2019 were 68 cents, beating Wall Street estimates of 67 cents and rising from 61 cents in the same period last year. Sales were $1.31 billion, beating analysts' expectations of $1.30 billion, marking the fourth quarter in a row in which Fastenal beat revenue estimates. 

Daily sales increased 12%, as industrial activity was strong, a deviation from what many companies correlated with industrial activity have seen in the past several months.

"This increase was driven by higher unit sales related primarily to continued strength in underlying market demand and contribution from our growth drivers, most notably industrial vending, Onsite locations, and construction," said CEO Daniel Florness.  "A lesser contributor to our sales growth in the first quarter of 2019 was higher product pricing as a result of increases implemented over the course of 2018 to mitigate the impacts of general and tariff-related inflation in the marketplace." 

Analysts at CFRA raised their price target on the stock to $75 from $63, noting the currently strong growth in construction markets "despite challenging comparisons to the strong growth seen in 2018." 

Fastenal, which has a market cap of $18 billion, has risen 26% year to date.