Fastenal Company (NASDAQ:FAST) stock was on the rise Wednesday following the release of its earnings report for the second quarter of 2018.
Fastenal Company reported earnings per share of 74 cents during the second quarter of the year. This is an increase over its earnings per share of 52 cents from the same time last year. It was also good news for FAST stock by coming in above Wall Street’s earnings per share estimate of 66 cents for the quarter.
According to the company, there are a couple of factors to thank for its higher earnings per share in the second quarter of the year. This includes discrete tax items and a lower tax rate from the Tax Act in the U.S. The company says these two factors represent a benefit of 15 cents to its earnings per share for the quarter.
During the second quarter of 2018, Fastenal Company reported net income of $211.20 million. The fastener distributor company’s net income from the second quarter of 2017 was $148.90 million.
Fastenal Company’s earnings report for the second quarter of the year also includes operating income of $269.00 million. This is up from its operating income of $237.50 million that was reported in the same period of the year prior.
Fastenal Company also reported revenue of $1.28 billion for the second quarter of 2018. This is an improvement over its revenue of $1.21 billion that was reported in the second quarter of the previous year. It was also a boon to FAST stock by beating out analysts’ revenue estimate of $1.26 billion for the period.
FAST stock was up 11% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.