Pet products retailer PetSmart, Inc. (
) on Thursday said its second quarter profit rose 24% from last
year, and provided guidance that would meet or exceed analyst
The Phoenix-based company reported second quarter net income of
$48.4 million, or 41 cents per share, compared with $39 million, or
31 cents per share, in the year-ago period. Revenue rose almost 7%
from last year, to $1.4 billion.
On average, Wall Street analysts expected a smaller profit of 36
cents per share, on lower revenue of $1.39 billion.
Looking ahead, the company forecast third quarter profits to
range from 35 cents to 39 cents per share, which straddles the
average analyst estimate of 37 cents.
For the full year, it said it expects earnings of $1.91 to $1.99
per share, which would exceed analyst estimates for $1.90 per
PetSmart shares rose $2.08, or +6.9%, in premarket trading
The Bottom Line
Shares of PETM have a 1.66% dividend yield, based on last night's
closing stock price of $30.15. The stock has technical support in
the $26-$28 price area. If the shares can firm up, we see overhead
resistance around the $32-$34 price levels. We would remain on the
sidelines for now.
PetSmart, Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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