Shares of Fastenal Co. (NASDAQ:FAST) dropped after the distributer of industrial and construction supplies reported first-quarter earnings that failed to exceed analysts’ estimates.
The stock slid 6.9% to US$50.68 at 11:45 a.m.
Net income rose 30% to US$174.3mln, or US$0.61 a share, the company said in a statement. That matched the per-share estimate of Zach Investment Research and FactSet. Revenue gained 13% to US$1.18bln.
Shares in laet afternoon trade stood at US$51.01.