Fastenal Co. on Tuesday reported better-than-expected earnings Tuesday, sending its shares to a 52-week high.
The Winona, Minn.-based distributor of fasteners, nuts, bolts and other industrial and construction supplies posted a 15 percent gain in earnings to $56 million or 38 cents a share. Analysts surveyed by Thomson Reuters had estimated earnings per share of 33 cents for the quarter ended March 31.
Revenue rose more than 6 percent to $521 million.
Fastenal stock closed at $53 a share, up about 2 percent for the day.
The company said sales to manufacturing customers, which account for most of its business, rose almost 16 percent during the quarter. The company's manufacturing sector had posted sales declines in every quarter last year and was down almost 19 percent for all of 2009.
Sales to nonresidential construction customers, which typically account for 20 percent to 25 percent of total revenue, were down nearly 15 percent for the quarter. In a conference call with analysts, CEO Willard Oberton said the company doesn't expect a rebound in commercial construction sales this year.
SUSAN FEYDER
