By Allison Prang
Fastenal Co.'s (FAST) profit dropped in the second quarter as net sales rose but the company reported an increase in income tax expense.
The company reported $204.6 million in profit, down 3.1% from the comparable quarter a year earlier. Earnings were 36 cents a share, down from 37 cents a share. Analysts polled by Refinitiv were expecting 37 cents a share.
Net sales rose 7.9% to $1.37 billion. Analysts were expecting $1.38 billion.
Income tax expense rose 22% to $66.8 million. The company's cost of sales also rose 12% and interest expense rose to $3.7 million, up from $3.2 million.
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