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PetSmart’s Q3 Profit Surges 23%, Matching View; Forecast Boosted (PETM)

Posted
11/18/2010 8:51:00 AM
By: Dividend.com
Referenced Stocks:PETM

Pet products retailer PetSmart, Inc. ( PETM ) late Wednesday said its third quarter profit jumped 23% from last year, matching analyst estimates, as the company raised its full-year outlook.

The Phoenix-based company reported third quarter net income of $45.6 million, or 38 cents per share, compared with $38.1 million, or 31 cents per share, in the year-ago period.

Revenue rose 7% from last year to $1.4 billion.

On average, Wall Street analysts a matching profit of 38 cents per share, on lower revenue of $1.38 billion.

Looking ahead, the company boosted its full-year 2010 profit forecast to a range of $1.96 to $2 per share, up from prior guidance of $1.91 to $1.99.

PetSmart shares fell 79 cents, or -2.1%, in premarket trading Thursday.

The Bottom Line
Shares of PetSmart ( PETM ) have a 1.31% dividend yield, based on last night's closing stock price of $38.33. The stock has technical support in the $34-$35 price area. The shares are trading near all-time highs and have little overhead resistance.

PetSmart, Inc. ( PETM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

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