Tractor Supply beats by $0.08, beats on revs; guides FY18 EPS above consensus, revs above consensus
- Reports Q3 (Sep) earnings of $0.95 per share, $0.08 better than the S&P Capital IQ Consensus of $0.87; revenues rose 9.3% year/year to $1.88 bln vs the $1.83 bln S&P Capital IQ Consensus. Comps +5.1%
- The comparable store sales results included increases in comparable average ticket of 3.6% and comparable transaction count of 1.4%. The increase in comparable store sales was primarily driven by broad-based strength in everyday merchandise, along with robust growth across spring and summer seasonal categories.
- Gross profit increased 8.8% to $653.1 million from $600.5 million in the prior year's third quarter, and gross margin decreased 16 basis points to 34.7% from 34.9% in the prior year's third quarter.
- Co issues upside guidance for FY18, sees EPS of $4.23-4.27 vs. $4.21 S&P Capital IQ Consensus; sees FY18 revs of $7.84-7.87 vs. $7.8 bln S&P Capital IQ Consensus.
- Co now expects FY 18 comps of +4-4.5% vs previous guidance of +3-3.5%
- The Company now forecasts capital expenditures in the range of $260 million to $280 million for fiscal 2018 and an effective tax rate of approximately 22.3% to 22.5%.
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