Tractor Supply Company (TSCO) analysts had a very bullish reaction to the company’s recent earnings surprise.
Tractor Supply Co. operates over 900 farm and ranch stores across 44 states. The company caters to rural lifestyles and needs with everything from home decor and clothing to truck and equine products.
Another Earnings Beat
On Jul 21 Tractor Supply Co. reported a 12.6% increase in second-quarter sales to $1.07 billion. Same-store sales were up just over 6%. Net income came in at $76.5 million, up 37% from a year ago.
Earnings broke down to $2.05 per share, 2 cents better than the Zacks Consensus. This was the company’s ninth consecutive surprise.
Analysts Raise Estimates
After the record results and the optimistic comments that came with them, analysts quickly raised their full-year forecasts. The Zacks Consensus Estimate for 2010 jumped 38 cents to $4.10.
Next year’s projections are averaging $4.63, up 41 cents. Given these figures, expected growth rates are 30% for this year and another 13% next year.
Tractor Supply’s has been reluctant to set a new multi-year high for the past few months, but the recent quarter and estimate revisions could be enough to convince investors to buy in.
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