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Fastenal marginally beats quarterly profit estimates on demand for safety products
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Fastenal marginally beats quarterly profit estimates on demand for safety products
Oct 11, 2024 5:25 AM

Oct 11 (Reuters) - Industrial supplies maker Fastenal ( FAST )

on Friday posted a third-quarter profit that marginally

surpassed analysts' estimates, benefiting from a sustained

demand for its safety products.

Shares of the company rose about 4.5% in premarket trading.

The Winona, Minnesota-based company makes industrial

supplies including fasteners - one of its biggest revenue

generators - alongside other products such as protective wear

and communication equipment.

The company estimated that disruption from Hurricane Helene,

a storm that hit six U.S. states about two weeks ago, reduced

its daily sales by 5 to 25 basis points in the quarter, Fastenal ( FAST )

said.

Fastenal's ( FAST ) daily sales rate - a metric used to measure

average sales on a daily basis - rose about 1.9%, helped by an

extra selling day this year.

The nuts and bolts maker posted a profit of 52 cents per

share in the quarter ended September 30, marginally exceeding

Wall Street estimates of 51 cents per share, according to data

compiled by LSEG.

The company's revenue rose about 3.5% from a year ago to

$1.91 billion. Analysts had estimated a third-quarter revenue of

$1.90 billion.

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