Shares of the Brentwood, Tenn., company recently traded at $139.13, down 6.7%. They have jumped 48% in 2020 to date.
Net income was $190.6 million, or $1.62 a share, up from $122.1 million, or $1.02, in the year-earlier quarter. The FactSet analyst consensus called for EPS of $1.37 in the latest quarter.
Revenue registered $2.61 billion, up 32% from $1.98 billion in the year-earlier quarter. The FactSet consensus: sales of $2.42 billion.
Comparable sales surged 26.8% in the latest quarter, topping the analyst consensus of 18.5%.
The comparable sales "also reflect a strong demand for every-day merchandise, including consumable, usable and edible products, and robust growth for summer seasonal categories," Tractor Supply said.
"All geographic regions ... had robust comparable-store sales growth." And e-commerce sales saw triple-digit-percentage growth.
For the fourth quarter, Tractor Supply forecast earnings per share of $1.37 to $1.47, revenue of $2.6 billion to $2.7 billion and comparable sales growth of 15% to 20%.
All the forecasts beat the analyst consensus calls: $1.36 for EPS, $2.46 billion for sales and 9% for same-store-sales growth.
“Our fundamentals are strong as we continue to gain market share across existing, new and reengaged customers,” Tractor Supply Chief Executive Hal Lawton said in a statement.
Morningstar analyst Jaime Katz wrote in July that “Tractor Supply’s brand and product mix have built a loyal following of recreational farmers, ranchers, and those participating in the rural lifestyle, supporting a narrow moat built on a solid brand intangible asset.”
But she pegged fair value for TSCO at $109.