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Tractor Supply beats Q3 EPS estimates, lowers top end of FY'19 sales guidance

Tractor Supply Co. on Oct. 24 reported third-quarter adjusted EPS that narrowly beat analysts' expectations and lowered the top end of its fiscal 2019 sales, net income and EPS guidance.

The specialty retailer reported adjusted diluted EPS for the quarter ended Sept. 28 was $1.04, slightly beating the mean consensus estimate for normalized EPS of $1.03, according to data compiled by S&P Global Market Intelligence.

For fiscal 2019, the retailer now expects earnings per diluted share between $4.66 and $4.70 compared to its previous forecast of $4.65 to $4.75. Net sales should fall between $8.40 billion and $8.42 billion compared to its previous forecast of $8.40 billion to $8.46 billion, while comparable sales are now projected to grow between 3.2% and 3.4% compared to the previous expectation of 3% to 4%. Net income for the full year is now projected to be between $564 million and $569 million compared to the previous forecast of $562 million to $575 million.

Adjusted earnings per diluted share for the full year are projected to be between $4.68 and $4.72, Tractor Supply said.

Net income for the third quarter grew 4.6% to $122.1 million from $116.8 million in the year-ago period. Net sales rose 5.4% to $1.98 billion from $1.88 billion in the year-earlier period, while comparable sales grew at 2.9%, a slower rate compared to the 5.1% growth reported in the year-earlier quarter.

For the first nine months of fiscal 2019, net sales increased 6.6% to $6.16 billion from $5.78 billion, while comparable sales grew 3.6%, compared to the 4.9% growth recorded in the first nine months of the prior year. Net income for the first nine months of 2019 grew by 5.7% to $418.2 million from $395.5 million from the year-earlier period, while diluted EPS rose 7.8% to $3.45 from $3.20 in the year-earlier period.

In premarket trading Oct. 24, Tractor Supply's shares were down 0.7% to $94.50.