Tractor Supply News: Why TSCO Stock Is Surging 8% Today
Tractor Supply has a strong outlook for Q2
Tractor Supply (NASDAQ:TSCO) is in the news Wednesday after revealing its outlook for the second quarter of 2020, as well as providing updates on how the novel coronavirus is affecting its business.
Starting off with that Q2 guidance, Tractor Supply says it is expecting diluted earnings per share to range from $2.45 to $2.65. That’s an amazingly strong outlook compared to Wall Street’s diluted per-share earnings estimate of $1.77 for the quarter.
The Tractor Supply news release also notes that the company is expecting net sales growth for the second quarter of the year ranging from 24% to 29%. On top of this, it’s looking for comparable store sales to increase by 20% to 25%.
Hal Lawton, president and CEO of Tractor Supply, said this in the news release.
“We have taken more than 100 actions in response to the COVID-19 pandemic with an emphasis on the health and safety of our Team Members and customers, while enhancing our capabilities to better serve the essential needs of our customers. 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.”
Tractor Supply is also stepping up its online game in light of the coronavirus pandemic. It plans to relaunch its website and push for digital growth. The company saw an increase in online sales during the months after the coronavirus started its spread in the U.S.
TSCO stock was up 7.8% as of Wednesday afternoon.