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O’Reilly Auto posts record Q1 results

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Last edited 2:55 p.m., April 27, 2017

O’Reilly Automotive Inc. (Nasdaq: ORLY) posted record first-quarter earnings and sales.

The Springfield-based auto parts retailer’s net income rose 3.8 percent to $264.9 million. Diluted share earnings were up to $2.83 from $2.59 per share a year earlier, according to a news release.

Comparable store sales increased by 0.8 percent, below the company’s expectation of 2-4 percent announced in February. During the February conference call with investors, O’Reilly Automotive CEO Greg Henslee said milder January temperatures resulted in softer demand in the do-it-yourself auto repair market. First-quarter 2016 comparable store sales were up 6.1 percent.

“We believe these headwinds were the primary drivers of our below-expectation comparable store sales of 0.8 percent,” Henslee said in the release this month. “With these transient headwinds behind us and the onset of our spring selling season, we are establishing our second-quarter comparable store sales guidance of 3 percent to 5 percent and maintaining our full-year comparable store sales guidance of 3 percent to 5 percent.”

First-quarter financial notes:
    •    Sales moved up nearly 3 percent to $2.2 billion.
    •    The company invested $490 million buying back 1.8 million of its shares.
    •    Store count rose by 59 to 4,888. That’s up from 4,623 at the end of first-quarter 2016.

As of March 31, O’Reilly Automotive’s assets were $7.2 billion, according to the release.

ORLY shares were trading at $265.17 as of 8:45 a.m., compared with a 52-week range of $248.02 to $292.84.

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