Pet products retailer PetSmart, Inc. ( PETM ) late Wednesday posted better-than-expected second quarter earnings and raised its full-year forecast, which is still below analysts' view.
The Phoenix-based company reported second quarter net income of $61.2 million, or 54 cents per share, compared with $48.4 million, or 41 cents per share, in the year-ago period.
Revenue rose 7% from last year to $1.49 billion.
On average, Wall Street analysts expected a smaller profit of 51 cents per share on matching revenue of $1.49 billion.
Looking ahead, the company raised its full-year earnings outlook to a range of $2.40 to $2.48 per share, up from a prior forecast of $2.32 to $2.42. Analysts expect a still-higher $2.43 per share for the year.
PetSmart shares fell $1.01, or -2.4%, in premarket trading Thursday.
The Bottom Line
Shares of PetSmart ( PETM ) have a 1.35% dividend yield, based on last night's closing stock price of $41.56. The stock has technical support in the $38-$40 price area. The stock is trading near the all-time high range of $44-$46 a share.
PetSmart, Inc. ( PETM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Created by Dividend.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.