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Fastenal Co Net Soars, IDT Corp Net Swing to Profit

Author: Mukesh Buch
Last Update: 12:36 PM EDT October 10 2018

11:45 PM New York Fastenal Company third-quarter net surged to $583 million. IDT Corporation second-quarter net swung to profit $8 million.

Tollbooth Index declined 333.45 or 2.1% to 15,897.15 but for the year-to-date soared 15.5%.

Earnings Review

Chubb Limited (CB), the property and casualty insurance provider said preliminary pre-tax net loss in the third-quarter attributable to global natural catastrophes was $450 million and after-tax loss was about $372 million.

Fastenal Company (FAST), the fastener distributor reported net sales in the third-quarter ending in September surged 13.1% from a year ago to $3.7 billion.

Net income in the quarter surged to $583.1 million or $2.03 per diluted share from $197.6 million or 69 cents in the same quarter last year.

Fastenal said strong result was driven by higher unit sales related to market demand strength notably industrial vending.

IDT Corporation (IDT), the telecom and payment services provider stated revenues in the second-quarter ending in July fell 0.6% from a year ago to $392.6 million.

Net in the quarter swung to profit $8.2 million or 33 cents per diluted share from a loss of $9.8 million or 41 cents in the same quarter last year.

Kulicke & Soffa Industries Inc (KLIC), the semiconductor manufacturing equipment maker revised fourth-quarter revenue forecast to about $185 million from the earlier estimate of $180 million to $190 million.

Kulicke said increase in revenues was 15% above the three-year fourth fiscal quarter average.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc