O'Reilly Automotive, Inc. reported strong third quarter results with positive growth in sales and profit.

From GlobeNewswire: 2024-10-23 16:30:00

O’Reilly Automotive, Inc. reported third-quarter financial results, including a 1.5% increase in comparable store sales and a 6% rise in diluted earnings per share to $11.41. Net cash provided by operating activities for the year-to-date period reached $2.4 billion. CEO Brad Beckham expressed confidence in the company’s long-term prospects despite recent challenges. Sales for the quarter rose 4% to $4.36 billion. Gross profit increased 4% to $2.25 billion, while net income rose 2% to $665 million.

The company tightened its full-year comparable store sales guidance to a range of 2.0% to 3.0% due to performance so far in 2024. Sales for the first nine months of the year were up 5% to $12.61 billion. Operating income for the period increased 2% to $2.51 billion. Net income rose 2% to $1.84 billion, with diluted earnings per share up 7% to $31.14.

Third-quarter comparable store sales grew by 1.5%, building on an 8.7% increase from the same period last year. The company repurchased 0.5 million shares during the quarter, totaling $541 million. Additionally, they repurchased 1.5 million shares in the first nine months of 2024, worth $1.60 billion. The company has repurchased a total of 95.7 million shares since 2011.

O’Reilly Automotive updated its full-year 2024 guidance, with expectations for net new store openings, comparable store sales, total revenue, gross profit, and more. The company maintains confidence in its ability to gain market share through its dual market strategy. Investors are invited to join a conference call on October 24, 2024, at 10:00 a.m. Central Time to discuss the results and future expectations.



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