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Tractor Supply fiscal Q1 profit falls 12.6% YOY

Tractor Supply Co. said its normalized net income for the fiscal first quarter ended April 1 amounted to 45 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS declined 10.2% year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $58.5 million, a decline of 12.6% from $66.9 million in the first quarter ended March 26, 2016.

The normalized profit margin dropped to 3.7% from 4.6% in the year-earlier period.

Total revenue grew 6.6% on an annual basis to $1.56 billion from $1.47 billion, and total operating expenses grew 8.0% on an annual basis to $1.47 billion from $1.36 billion.

Reported net income declined 10.5% from the prior-year period to $60.3 million, or 46 cents per share, from $67.4 million, or 50 cents per share.