Fastenal Profit Declines as Fastener Business Remains Weak

Fastenal Co. reported its profit fell in its third quarter, coming in below expectations, as its core fastener business remained weak. The Winona, Minn.-based distributor of nuts, bolts, hand tools and other supplies has suffered from the slowdown in construction, and continuing economic uncertainty. The company said fastener sales remain relatively weak due to sustained weakness of its heavy-equipment and construction markets.

The company said revenue growth was due to higher unit sales. For the quarter ended Sept. 30, Fastenal reported a profit of $126.9 million, down from $136.5 million a year earlier. Sales climbed 1.8% to $1.01 billion.

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