Shares of Springfield-based O’Reilly Automotive Inc. (Nasdaq: ORLY)surpassed the company’s previous 52-week high to trade at more than $104 apiece April 26, one day after the company released its first-quarter results, including records in revenues, earnings and profit margin.
Sales for the quarter ended March 31 were at $1.53 billion, an 11 percent increase from the same quarter a year ago, according to a news release. Gross profit for the quarter was $762 million, or nearly 50 percent of sales, up 14 percent from $670 million in the same quarter of 2011.
The company’s first-quarter operating income of $248 million represents 16.2 percent of sales, up 26 percent from $196 million – or 14.2 percent of sales – for the same quarter of 2011. Net income for the first quarter increased 44 percent to $147 million, compared to the same quarter a year ago, the release said.
Other highlights of the report:
- Diluted earnings per common share increased 58 percent in the first quarter, to $1.14 on 129 million shares, compared to 72 cents on 143 million shares a year ago.
- O’Reilly Automotive repurchased 1.8 million shares of its common stock at an average price of $87.01, for an investment of $154 million during the first quarter. The company has repurchased a total of 17.7 million shares of its common stock under its share repurchase program since the program began in January 2011, the release said.
- Comparable store sales, adjusted Feb. 29, were up 6.1 percent during the first quarter.
- Free cash flow jumped 70 percent to $339 million.
First-quarter results included one-time charges associated with financing transactions the company completed in January 2011. Those include a noncash charge to write off the balance of debt issuance costs related to the company’s previous credit facility in the amount of $22 million, or $13 million, net of tax, and a charge related to the termination of the company’s interest rate swap agreements in the amount of $4 million, or $3 million, net of tax.
O’Reilly leadership – namely CEO and Co-President Greg Henslee and Chief Operating Officer and Co-President Ted Wise - credited the company’s work force of more than 51,000 employees with its quarterly performance.
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