Thursday, October 21, 2010

Tractor Supply income soars

Tractor Supply Co., a retailer of farm and ranch supplies, said Wednesday that its third-quarter net income rose 46 percent on increased sales of pet-related products and warm-weather items.
The company reported third-quarter earnings of $32 million, or 43 cents a share, compared with earnings of $22 million, or 30 cents a share, in the same period last year. Net sales rose 11 percent to $829.1 million from $747.7 million.

Analysts polled by Thomson Reuters expec ted earnings of 37 cents a share on revenue of $824.3 million.

Sales at stores open at least a year rose 5 percent. The increase was driven by sales of animal- and pet-related products, as well as warm-weather items and apparel.

Sales at stores open at least a year are considered important because they aren't skewed by results from stores that open or close during the year.

The company expects annual net income between $2.09 and $2.13 a share, up from a prior range of $2 to $2.05 a share. It also raised revenue guidance to between $3.53 billion and $3.55 billion from a prior range of $3.49 billion to $3.53 billion.

Analysts expect full-year net income of $2.08 a share on $3.54 billion in revenue.

Shares fell 20 cents and closed at $37.99.

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