UPDATE 1-Fastenal Q2 profit beats Street

Tue Jul 13, 2010 8:35am EDT

* EPS $0.47 vs est. $0.44

* Sales jump 20 pct

July 13 (Reuters) - Industrial distributor Fastenal Co (FAST.O) posted higher-than-expected quarterly profit on improving sales trends at its end markets.

Fastenal's second-quarter net income was $69.2 million, or 47 cents a share, compared with $43.5 million, or 29 cents a share, a year ago.

Revenue rose about 20 percent to $571.2 million.

Analysts were expecting earnings of 44 cents a share on revenue of $568.7 million, according to Thomson Reuters I/B/E/S.

The company said daily sales to its manufacturing customers climbed 29.8 percent, while those to non-residential construction grew 0.5 percent -- the first increase in at least five quarters.

Fastenal plans to open 80 to 95 new stores in the second half of 2010 based on the current economic conditions.

Shares of the company were trading down slightly at $51.37 Tuesday premarket. They closed at $52.62 Monday on Nasdaq. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Aradhana Aravindan)

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