Fountain Report Excerpts May 02, 2023

Fountain Report Excerpts
  1. Tractor Supply Company reported first quarter sales of $3.3 billion, up 9.1%. Comparable store sales were up 2.1%. Diluted earnings per share of $1.65 were even with last year. The increase in net sales was driven by positive sales contributions from the acquisition of Orscheln Farm and Home, new store openings and growth in comparable store sales. “While our first quarter net sales growth exceeded 9%, our comparable store sales were below our expectations, primarily due to less favorable spring weather trends,” said Hal Lawton, president and CEO.
  1. Merck reported first quarter worldwide sales of $14.5 billion, down 9% from last year. Net income of $2.8 billion ($1.11 per share) was down 35%. Animal health sales of $1.5 billion were up 1%. Merck on April 16 announced a definitive agreement to acquire Prometheus Biosciences Inc. through a subsidiary for $200 per share in cash for a total equity value of about $10.8 billion.
  1. Lyme disease risk is higher than ever as black-legged ticks expand to new geographical areas, according to the 11th annual parasite forecast from the Companion Animal Parasite Council. Increasing prevalence of Lyme disease can be attributed to several factors, including pet rehoming. Disease risk continues to expand south and west outside historically high-risk areas in the Northeast and Upper Midwest, CAPC reports.

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