Tractor Supply reported a first-quarter profit of $40.3 million, more than double its year-ago number, as sales rose 22 percent. Per diluted share, earnings were 55 cents, which is at the high end of the range officials gave when pre-announcing results two weeks ago [2].
Sales for the quarter came in at a little more than $1 billion, up 22 percent from early 2011. But gross margins fell slightly [3] to 32.6 percent, primarily because of the early arrival of spring, which required the marking down of winter merchandise.
Shares of Tractor Supply (Ticker: TSCO [4]) rose slightly in after-hours trading to $97.49. Year to date, they’re up almost 40 percent.
Noranda Aluminum reported first-quarter profits of $12.7 million, excluding special items, which was down more than 40 percent from a year ago but better than analysts had expected. Sales fell 10 percent [5] to $354 million.
The company’s average price per pound fell to $1.05 from $1.18 in early 2011 — concerns about economic growth in various parts of the world are to blame — while its net cash cost per pound rose to 78 cents from 66 cents. Officials did say, however, that the inflation picture for their raw materials improved a bit early this year.
Shares of Noranda (Ticker: NOR [6]) rose more than 6 percent Wednesday to $10.59. Year to date, the stock is up almost 30 percent.
Caterpillar Financial Services said its first-quarter earnings climbed 45 percent from a year ago to $120 million. Revenues rose 4 percent [7] to $668 million. The West End-based specialty lender got its biggest bottom-line boost from a $36 million drop in its loss provision. Past-due loans were 3.19 percent of its total on March 31, down from 3.94 percent a year ago.
New financings during the quarter climbed 11 percent to $3.1 billion, with only North American activity falling slightly.