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Tractor Supply Co., a retailer of farm and ranch supplies, said Wednesday that its first quarter profit surged on increased sales of pet-related products, heating products and insulated outerwear.
The company reported first-quarter earnings of $9.3 million, or 25 cents per share, compared with earnings of $470,000, or a penny per share, in the same period last year.
Net sales were $710.9 million, up 9 percent from $650.2 million in the prior year's first quarter.
Analysts polled by Thomson Reuters expected earnings of 21 cents per share on revenue of $709.4 million.
Sales at stores open at least a year rose 2.8 percent. The increase was driven by sales of animal- and pet-related products, as well as heating products and insulated outerwear.
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.
For the full year, the company expects net income to range from $3.48 per share to $3.60 per share. Analysts expect earnings of $3.60 per share.
Shares rose $1.25 to close at $69.18. They set a new year high of $69.42 during the day's trading session, but sank $2.18, or 3.2 percent, to $67 in aftermarket activity.