LOS ANGELES – Farm and ranch supplies retailer Tractor Supply Co. (TSCO) Wednesday said its quarterly profit more than doubled, beating Wall Street estimates, thanks to higher prices on its products and cost controls.
Net income for the third quarter rose to $18.3 million, or 45 cents per share, from $7.6 million, or 19 cents per share, a year earlier.
Wall Street analysts, on average, had been expecting earnings of 38 cents a share, according to Reuters Estimates.
Net sales rose 12.5 percent to $479.6 million, while sales at stores open at least a year, or same-store sales (search), rose 1.8 percent.
For the full year, Tractor Supply said it expects to earn between $1.95 per share and $1.97 per share. Analysts, on average, are expecting earnings of $1.92 per share, according to Reuters Estimates.
Sales are forecast to be between $2.01 billion and $2.02 billion, the company said. Analysts are expecting sales of about $2.018 billion.
Tractor Supply shares rose 2.8 percent to $45 on the Inet electronic brokerage from their Nasdaq close of $43.77.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox