Tractor Supply Co. Q2 FY2024 results: revenue $4.2 billion, up 1.5% on the year

Tractor Supply Co. (TSCO) reported revenue of $4.2 billion for Q2 FY2024, the quarter ended 29 June 2024, up 1.5% on the same quarter a year earlier. Net income was $425 million, up 0.9% on the year, and diluted earnings per share $3.93. The figures are the company's own, from the 10-Q it filed with the SEC on 8 August 2024.

Revenue$4.2 billionup 1.5%

Net income$425 millionup 0.9%

Diluted EPS$3.93

QuarterQ2 FY2024ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	4,247	3,395	n/a	n/a
Cost of revenue	2,691	2,174	n/a	n/a
Gross profit	1,556	1,221	n/a	n/a
Gross margin	36.6%	36.0%	n/a
Selling, general and administrative	885	853	n/a	n/a
Operating income	561	263	n/a	n/a
Operating margin	13.2%	7.8%	n/a
Interest expense	11.6	11.9	n/a	n/a
Pre-tax income	550	251	n/a	n/a
Income tax	125	53.1	n/a	n/a
Effective tax rate	22.7%	21.1%	n/a
Net income	425	198	n/a	n/a
Net margin	10.0%	5.8%	n/a
Diluted EPS	$3.93	$1.83	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	560	257	n/a	n/a
Capital expenditure	193	157	n/a	n/a
Free cash flow	367	100	n/a	n/a
Free cash flow margin	8.6%	3.0%	n/a
Depreciation and amortisation	109	104	n/a	n/a
Share-based compensation	10.7	14.4	n/a	n/a
Buybacks	141	118	n/a	n/a
Dividends paid	119	119	n/a	n/a
Dividend per share	$1.10	$1.10	n/a	n/a
Diluted shares, weighted	108m	109m	n/a	n/a
Shares outstanding at period end	107m	108m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	9,785	9,555	n/a	n/a
Cash and equivalents	395	264	n/a	n/a
Inventory	3,000	3,049	n/a	n/a
Long-term debt	1,730	1,730	n/a	n/a
Operating lease liabilities	2,981	2,944	n/a	n/a
Finance lease liabilities	29.7	30.5	n/a	n/a
Shareholders' equity	2,305	2,124	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,412	3,660	3,395	4,247	3,468	3,774	3,467	4,440	3,719	3,898	3,592	4,541
Cost of revenue	2,162	2,367	2,174	2,691	2,178	2,444	2,212	2,800	2,330	2,528	2,291	2,859
Gross profit	1,250	1,293	1,221	1,556	1,290	1,330	1,255	1,640	1,389	1,370	1,301	1,683
Gross margin	37%	35%	36%	37%	37%	35%	36%	37%	37%	35%	36%	37%
SG&A	819	856	853	885	852	891	886	940	922	944	941	1,022
Operating income	341	334	263	561	325	318	249	578	343	298	233	467
Operating margin	10%	9%	8%	13%	9%	8%	7%	13%	9%	8%	6%	10%
Interest expense	9.5	11.9	11.9	11.6	13.9	17.2	19.6	18.0	14.7	16.9	19.1	17.1
Pre-tax income	331	322	251	550	311	301	229	560	328	281	214	450
Tax rate	23%	23%	21%	23%	22%	21%	22%	23%	21%	19%	23%	20%
Net income	255	248	198	425	241	236	179	430	259	227	165	361
Net margin	7%	7%	6%	10%	7%	6%	5%	10%	7%	6%	5%	8%
Diluted EPS	$2.33	$2.28	$1.83	$3.93	$2.24	n/a	$0.34	$0.81	$0.49	$0.42	$0.31	$0.69
Operating cash flow	156	396	257	560	86.3	517	217	786	308	325	91.1	562
Capital expenditure	177	227	157	193	188	246	141	210	278	266	203	233
Free cash flow	-21.5	169	100	367	-102	271	75.5	575	30.3	59.3	-111	329
Buybacks	137	117	118	141	151	151	95.1	72.8	74.0	119	118	136
Dividends paid	112	111	119	119	118	117	122	122	122	121	126	126
Shares outstanding	108m	108m	108m	107m	107m	532m	531m	530m	529m	527m	526m	522m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 June 2024, filed 8 August 2024, accession 0000916365-24-000088: the filing on EDGAR. All of Tractor Supply Co.'s filings: EDGAR company page.

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