RTTNews | Jul 19, 2021 10:58AM EDT

10:58 Monday, July 19, 2021 (RTTNews.com) - Tractor Supply Co. (TSCO) shares are sliding on Monday morning trade despite the company reporting second-quarter results that beat estimates.

The company reported quarterly net income of $370.02 million, up 10.27 percent from $338.68 million a year ago. On a per-share basis, earnings increased to $3.21 from $2.92 in the prior year.

Net sales increased to $3.601 billion from $3.176 billion in the previous year. Wall Street were looking for earnings of $2.92 per share on sales of $3.44 billion. Analysts' estimates typically exclude special items.

Tractor Supply raised its full-year earnings, net sales and comparable store sales projection on improved performance in the first half of 2021.

The company now projects fiscal earnings in a range of $7.70 to $8.00 per share on net sales between $12.1 billion and $12.3 billion, with comparable-store sales growth of 11 to 13 percent.

The earlier projection was for earnings in a range of $7.05 to $7.40 per share on net sales between $11.4 billion and $11.7 billion, with comparable-store sales growth of 5 to 8 percent.

Analysts expect earnings of $7.38 per share on sales of $11.64 billion for the year.

Currently, shares are at $177.11, down 6.20 percent from the previous close of $189.00 on a volume of 1,085,193. The shares have traded in a range of $127.78-$200.75 on average volume of 984,500.

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