BRENTWOOD, Tenn. (AP) — Farm equipment retailer Tractor Supply Co. raised its profit forecast for 2011 on higher-than-expected sales.
The company said Wednesday it expects its net income for the full year 2011 to be between $2.97 per share and $2.99 per share. That's up from the previous estimate of between $2.85 per share and $2.89 per share.
Analysts had been expecting net income of $2.90 per share, according to a survey by FactSet.
The company also said its revenue for the fourth quarter rose 20 percent to $1.24 billion, compared to $1.03 billion in the prior-year period. Analysts were expecting revenue of $1.2 billion.
Tractor Supply said it will release its full fourth-quarter and year-end earnings on Feb. 1.
Shares rose $3.17, or 4.4 percent, to $76.10 in after-market trading following the release of the earnings outlook.