UPDATE: Fastenal Posts In-Line Q2 Earnings

Fastenal Co

reported a 7.9% gain in its second-quarter earnings. The Winona, Minnesota-based company posted a quarterly profit of $130.5 million, or $0.44 per share, up from a year-ago profit of $121 million, or $0.41 per share. Its sales rose 12.1% to $949.9 million. However, analysts were expecting earnings of $0.44 per share on revenue of $952.5 million. Fastenal's June sales rose 18.36%, while daily June sales climbed 12.7%. Fastenal's gross margin shrank to 50.8% from 52.2%, while input costs rose 15% to $467.3 million. Fastenal closed 8 stores during the second quarter and also identified additional stores it intends to close in the second half of 2014. Fastenal also announced its plans to open roughly 35 to 40 stores this year. Fastenal shares dropped 3% to $46.71 in pre-market trading.