Fastenal Co.’s fourth-quarter profit fell 5.5 percent and came in just below Wall Street expectations, dented by lower demand from oil and gas customers and the shutdown of a joint venture in Brazil.
The Winona-based supplier of fasteners, construction and industrial parts reported profit of $111.9 million, or 39 cents a share, a penny below what analysts expected. It earned $118.4 million in the same period a year ago.
Revenue was $922.8 million, above analysts’ expectation of $922.6 million.
The company said the closure of its Brazilian venture resulted in $4 million in additional expenses in the quarter.
Sales for the full year rose 3.6 percent to $3.9 billion, while profit rose 4.5 percent to $516 million.
Company officials announced that after several years of consolidating stores and selectively opening new stores, it now plans to open 60 to 75 new stores this year.
The company opened 41 stores in 2015 and 24 in 2014. Now store openings will accelerate officials said, noting a surge in contracts with large national accounts that have several locations requiring a constant restocking of parts and fasteners.
Fastenal added 2,329 employees during 2015 as it continues to expand customer service, especially in its stores.
Fastenal’s stock ended the day Friday at $37.67, down $1.58 or 4 percent.