Tractor Supply (NASDAQ: TSCO) shares dropped remarket Thursday after the company reported earnings for its latest quarter missing profit and revenue consensus expectations.

The company, which also lowered its full-year outlook, reported third-quarter earnings of $2.25 per share, $0.04 worse than the analyst estimate of $2.29. Revenue for the quarter came in at $3.41 billion, up 4.3% YoY but below the consensus estimate of $3.47 billion.

TSCO shares are down more than 5% at the time of writing.

The rural lifestyle retailer said underlying customer trends remain solid, with growth in active, reactivated, and new customer counts for the quarter. However, its sales performance was below its own expectations.

As a result of the current unfavorable seasonal category performance and discerning consumer spending, the company also lowered its full-year outlook.

It expects FY2023 EPS of $10 to $10.10, versus the prior range of $10.20 to $10.40 and the consensus of $10.22. In addition, revenue for the period is now seen between $14.5 billion and $14.6 billion, versus the prior range of $14.8 billion to $14.9 billion and the consensus of $14.82 billion.

"We are confident in our ability to navigate in the near term and remain as excited as ever about our bright future," said Hal Lawton, President and Chief Executive Officer of Tractor Supply.

By Sam Boughedda