Winona, MN-based Fastenal reported third-quarter results that missed analysts’ expectations, according to the Star Tribune. Third-quarter earnings dropped by 3 cents (6.4 percent) while sales increased 1.8 percent compared with last year’s third quarter.
The results were impacted by a slow to no-growth industrial and manufacturing economy, the source reports.
Some of the company’s growth drivers, however, have been the push into industrial vending machines in addition to the growing number of OnSite stores, dedicated sales and service provided within a customer’s facility, the Star Tribune reported.
The number of installed vending machines at the close of the third quarter was 60,400, up 12.8 percent from Q3 2015.
Sodexo // Business Wire
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