UPDATE: Dick's Sporting Goods Reports Q1 Earnings of $37.5 million, Issues Weak Projections; Shares Down In Pre-Market Trading

Dick's Sporting Goods Inc DKS released its results for the first quarter on Tuesday. The company reported its Q1 earnings at $37.5 million, or $0.30 per share, compared with $26.2 million, or $0.22 per share, in the year-earlier period. Its revenue surged 6% to $1.1 billion. However, analysts were expecting earnings of $0.29 per share on revenue of $1.1 billion. Dick's raised its 2011 profit projections to $1.91 to $1.93 per share, from $1.89 to $1.91 per share. However, analysts expected 2011 earnings of $1.94 per share. It also projects Q2 earnings of $0.47 to $0.49 per share, versus analysts' estimates of $0.50 per share. DKS shares dipped 6.61% to $38.00 in pre-market trading. Read more from Benzinga's Company news.