* Q1 profit falls 28 pct to $48.7 mln
* Q1 sales down 14 percent
April 14 (Reuters) - Nuts and bolts distributor Fastenal Co (FAST.O) reported lower quarterly income, hurt mainly by sluggish sales in its industrial production business.
For the first quarter, net income fell to $48.7 million, or 33 cents a share, from $68.1 million, or 46 cents a share, in the year earlier.
Net sales fell 14 percent to $489.3 million.
Analysts on average were expecting earnings of 34 cents a share, before items, on revenue of $500.6 million, according to Reuters Estimates.
Shares of the Winona, Minnesota-based company closed at $38.18 Monday on Nasdaq. (Reporting by Bhaswati Mukhopadhyay in Bangalore)