Tractor Supply Company (NASDAQ:TSCO) on Thursday reported third-quarter 2023 financial results that missed analysts' expectations as the US rural lifestyle retailer also reduced its full-year outlook.
The company's 3Q earnings came in at $2.25 per share on revenue that rose 4.3% to $3.41 billion.
The Wall Street forecast, however, was for earnings of $2.29 per share on revenue of $3.47 billion.
“We delivered solid growth in both net sales and earnings in the third quarter, although our sales performance was softer than our expectations,” Tractor Supply Company (NASDAQ:TSCO) CEO Hal Lawton said in a statement.
“Given this environment, we have updated our outlook for the year to reflect continued unfavorable seasonal category performance and discerning consumer spending,” he added.
Looking ahead, Tractor Supply now sees its full-year 2023 earnings per share in the range of $10 to $10.10, compared with $10.20 to $10.40 previously.
As well, it expects to report revenue for the year of between $14.5 billion and $14.6 billion, down from its prior forecast of $14.8 billion to $14.9 billion.
Shares of Tractor Supply fell 5% to $188.82 in midday trading on Thursday and are down 15% year to date.
Contact Sean at sean@proactiveinvestors.com