Tractor Supply Surges as Quarterly Earnings Top Estimates
Tractor Supply Co. (TSCO), the operator of more than 1,100 farm-equipment stores, surged the most in more than six months after fourth-quarter profit topped analysts’ estimates because of higher sales of animal and pet merchandise.
The shares advanced 9.8 percent to $103.67 at the close in New York, the biggest daily gain since July 26. Tractor Supply increased 26 percent last year, topping the 13 percent gain for the Standard & Poor’s 500 Index.
Net income rose 13 percent to $79.5 million, or $1.11 a share, from $70.5 million, or 96 cents, a year earlier, the Brentwood, Tennessee-based company said yesterday in a statement. Analysts projected $1.03, the average of 23 estimates compiled by Bloomberg.
Revenue rose 3.7 percent to $1.29 billion, and same-store sales gained 4.7 percent, helped by sales of feed for animals and pets. Profit excluding some items will be as much as $4.47 a share this year, topping analysts’ average projection of $4.36.
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