NEW YORK ( TheStreet) -- Shares of Tractor Supply (TSCO - Get Report) surged in late trades Wednesday after the farm products retailer boosted its earnings outlook for the full year following a strong sales performance in the fourth quarter.
The Brentwood, Tenn.-based company now sees earnings of $2.97 to $2.99 a share for fiscal 2011, up from its previous projection for a profit of $2.85 to $2.89 a share. The current average estimate of analysts polled by Thomson Reuters is for earnings of $2.91 a share in fiscal 2011.
The company's outlook implies a profit range of 92 to 94 cents a share for the fourth quarter ended in December vs. Wall Street's current consensus view of 86 cents.
Tractor Supply said sales totaled $$1.24 billion in the fourth quarter, up 20.1% from last year. Same-store sales increased 7.6%. The company noted that is fiscal calendar included an extra week this year, accounting for 6.6% of its sales boost in the quarter and an estimated 9 cents a share in earnings.The stock was last quoted at $75.60, up 3.7%, on volume of nearly 100,000, according to Nasdaq.com. "These results are reflective of the structural improvements we have made to our business in recent years, including a focus on C.U.E.