UPDATE 2-Fastenal Q2 results trail Street, shares drop

lunes 13 de julio de 2009 15:35 CEST
 

* Q2 EPS $0.29 vs est $0.33

* Rev down 21 pct

* Shares fall 8 percent (Recasts; adds details)

July 13 (Reuters) - Nuts and bolts distributor Fastenal Co (FAST.O: Cotización) reported lower-than-expected quarterly results, hurt mainly by weaker sales at its industrial production business, sending its shares down 8 percent.

For the second quarter, net income was $43.5 million, or 29 cents a share, compared with $76.2 million, or 51 cents a share, a year ago.

Analysts on average were expecting earnings of 33 cents a share, before special items, according to Reuters Estimates.

Revenue fell 21 percent to $474.9 million, coming below analysts' average expectation of $485.8 million.

Fastenal said the economic slowdown hit its non-residential construction business, that accounts for 20 percent to 25 percent of its sales.

The non-residential construction business contracted about 23 percent from year-ago levels, the company added.   Continuación...