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Tractor Supply increases share repurchase program

TSC adds $1.5 billion to repurchase program.

BY HBSDealer Staff

Tractor Supply Company said its board of directors has authorized a $1.5 billion increase to its existing share repurchase program.

This move brings the Brentwood, Tenn.-based company’s total amount authorized to date under the program to $4.5 billion.

As of March 30, 2019, the Company had repurchased 62.8 million shares of common stock (adjusted to reflect the effect of stock splits) for approximately $2.6 billion since the inception of its share repurchase program in 2007.

“Tractor Supply has a strong track record of returning capital to our shareholders through share repurchases and dividends. The strength of the company’s balance sheet and free cash flow gives us the flexibility to execute a balanced capital allocation strategy that includes reinvesting in our business, growing our dividend and executing on our share repurchases,” said Cynthia Jamison, Tractor Supply’s chairman of the board.

“Today’s expanded capital return for shareholders is based on the confidence of the Tractor Supply Board of Directors in the Company’s ONETractor strategy and long-term growth outlook,” said Cynthia Jamison, Tractor Supply’s Chairman of the Board.

Tractor Supply also declared a quarterly cash dividend of $0.35 per share of the company’s common stock, a 12.9% increase over the previous dividend of $0.31 per share. The dividend will be paid on June 11 to shareholders of record as of the close of business on May 28.

As of March 30, Tractor Supply operated 1,775 Tractor Supply stores in 49 states and 176 Petsense stores in 26 states.

Last month Tractor Supply Company reported first quarter 2019 net sales increased 8.3% to $1.82 billion along with net income of $76.8 million.

 

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