Tractor Supply is forecasting better-than-expected second-quarter sales and earnings, sending shares higher.
Tractor Supply Company (TSCO), the largest rural lifestyle retailer in the United States, today announced that its Board of Directors declared a quarterly cash dividend of $0.35 per share of the Company’s common stock. Since initiating our quarterly cash dividend in 2009, Tractor Supply has consistently increased the dividend each year. The dividend will be paid on June 9, 2020, to stockholders of record of the Company’s common stock as of the close of business on May 26, 2020.
The stock of Tractor Supply (NASDAQ: TSCO) outperformed a strong market last month by rising 20% compared to a 13% increase in the S&P 500, according to data provided by S&P Global Market Intelligence. Comparable-store sales rose 4.3% in the first quarter, management said, in a period that included nearly two weeks of aggressive social-distancing efforts across the country. "Our year-to-date results underscore the importance of Tractor Supply as an essential, needs-based retailer," CEO Hal Lawton said.
Tractor Supply Company (TSCO) has been witnessing significant growth in its online business since the beginning of second-quarter 2020.
Tennessee-based Tractor Supply saw its Relative Strength Rating reach the elite 90-plus level. The stock is currently in buy zone.
ODP vs. TSCO: Which Stock Is the Better Value Option?
Tractor Supply (TSCO) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Tractor Supply Company (NASDAQ: TSCO) expects record-breaking sales and earnings in the second quarter as a result of over 100 initiatives the rural lifestyle retailer implemented to meet the challenges of the COVID-19 pandemic. Although Tractor Supply won't report earnings until July 23, it says net sales and comparable sales are expected to grow 20% or more for the period. No fewer than 11 firms increased their price targets for Tractor Supply, with an average boost of 19%.
The home-improvement retailer said it expects to earn between $2.45 and $2.65 in the quarter, well ahead of the $1.78 that analysts are forecasting.
Shares in Tractor Supply (TSCO) surged 9% in Tuesday’s after-hours trading, after the company pre-announced surprisingly impressive Q2 trends, featuring +24-29% sales growth and +20-25% comparable store sales growth.“Our outlook for record-breaking sales and earnings in the second quarter demonstrates the potential for Tractor Supply to emerge stronger than before as we continue to gain market share and build our business for the future,” said Hal Lawton, Tractor Supply’s CEO.Notably, TSCO’s e-commerce business has experienced substantial growth quarter-to-date with many customers choosing Buy Online, Pickup At Store and the new contactless curbside delivery option, the company stated.And while there is still a significant portion of the second quarter ahead, Tractor Supply is now forecasting net sales growth of 24% to 29% and comparable store sales growth of 20% to 25%.Building on first quarter momentum, the company’s gross profit performance continues to be strong with gross margin expansion anticipated for the second quarter.“For the second quarter, the net incremental operating expenses related to the COVID-19 pandemic are estimated to be at the high end of the Company’s previous guidance range of $30 million to $50 million” Tractor Supply said, with diluted earnings per share forecast at $2.45 to $2.65.Following the news Wells Fargo analyst Zachary Fadem exclaimed “Holy cow… reason to believe comps could be even better.” He continued: “Considering the timing of today’s release, we believe sales likely accelerated throughout the month of May, and with all of June remaining in Q2, we believe comps could be tracking even higher today (+30%).”In a category comprised of many sub-scale players, he sees TSCO as increasingly advantaged, and clearly benefitting from robust category demand (lawn/garden, pet, etc.), Omnichannel investments and its recently launched national ad campaign.“While we can’t help but think about next year’s tough compare, we continue to view TSCO a core holding in today’s market, favoring its staples-like offerings, high quality execution, and ample long-term comp drivers” he concluded. As a result, Fadem ramped up his price target to $130 from $105 previously.Similarly, Oppenheimer’s Brian Nagel boosted his price target from $110 to $135 on the news, while Baird’s price target rose to $130 from $115 previously. Overall the stock scores a Moderate Buy analyst consensus rating and $107 average analyst price target. Shares are currently trading up 19% on a year-to-date basis. (See Tractor Supply stock analysis on TipRanks).Related News: Autodesk Earnings: Here’s What To Expect Today Tilray To Shut Ontario Cannabis Greenhouse In Money-Saving Move Uber In Partnership With MoneyGram For Driver Discount During Pandemic More recent articles from Smarter Analyst: * 3 "Strong Buy" Penny Stocks That Offer Massive Potential Gains * Logitech Shares Lifted In Pre-Market On Share Buyback Plan, 10% Dividend Boost * Billionaire Ackman Exits Berkshire Hathaway, Blackstone To Fund Opportunities * HBO Max Launches, But Not Yet Available on Amazon, Roku Platforms
The number of deaths from the coronavirus that causes COVID-19 rose above 353,000 on Wednesday, as the World Health Organization said the Americas are at the center of the pandemic following surges in infections in Brazil, Peru, Chile and others in the past few days.
BRENTWOOD, Tenn., May 14, 2020 -- Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, today announced its participation in the.
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Shares of Tractor Supply Co. rose more than 5% in the extended session Tuesday after the company said it expects "record-breaking sales and earnings" for its second quarter. That jump in sales is across channels, product categories, and geographic regions, the company said, with online buying experiencing "substantial growth." Tractor Supply forecast sales growth between 24% and 29% and same-store growth between 20% and 25%. Gross profit "continues to be strong with gross margin expansion anticipated for the second quarter," it said. Second-quarter operating expenses related to the coronavirus pandemic are estimated to be at the high end of the company's previous guidance range of between $30 million and $50 million, Tractor Supply said. Per-share earnings were seen in a range between $2.45 and $2.65. The company is slated to report second-quarter earnings on July 23. The outlook "demonstrates the potential for Tractor Supply to emerge stronger than before as we continue to gain market share and build our business for the future," Chief Executive Hal Lawton said in a statement. Tractor Supply ended the regular trading day down 0.6%.
Tractor Supply (TSCO) saw a big move last session, as its shares jumped nearly 8% on the day, amid huge volumes.
IBD Stock Of The Day: Tractor Supply broke out to a buy zone after the farm supply retailer reported faster Q1 growth and a very strong coronavirus outlook.
ODP vs. TSCO: Which Stock Is the Better Value Option?
Tractor Supply expects net sales growth of 24% to 29% and comparable-store sales growth of 20% to 25% during the current quarter.
Tractor Supply provides financial outlook for Q2 2020 and announces strategic investments in its Team Members and consumer-shopping experience.