Fastenal (NASDAQ:FAST) dropped in early trading after the provider of nuts, bolts, hand tools posted lower-than-estimated profit in the fourth quarter.
Shares fell as much as 3.2% as of 8:23 a.m. in New York. The stock closed up 1.2% at $39.25 on Thursday, paring losses over the past year to 15%.
Profit fell to $111.9mln, or $0.39 per share, in the October-to-December quarter, from $118.4mln, or $0.40 per share, a year earlier, the Winona, Minnesota-based company said in a statement on Friday.
That missed the $0.40 average estimate of 14 analysts polled by Capital IQ.
Sales decreased 0.38% to $922.8mln, in line with the Wall Street consensus.
The company terminated its manufacturing venture in Brazil and settled several unrelated disputes in the most recent quarter, which added $4 million in costs during the period.
“In late November 2015, and even more so in late December 2015, we experienced a greater frequency and longer duration of customer plant shutdowns related to the holiday season,” the company said in the statement.