O'Reilly 2Q earnings hit $146M

O'Reilly Automotive Inc. (Nasdaq: ORLY) reported $146.1 million earnings in the second quarter, a 9.2 percent increase compared to profits of $133.8 million in the same quarter of 2011.

The Springfield-based auto parts company had earnings per diluted share of $1.15 during the latest quarter, up from 96 cents a year ago, according to a news release.

During the second quarter, O'Reilly's comparable store sales increased 2.5 percent, compared to 4.4 percent for the same period a year ago. In June, the company lowered its forecast for comparable store sales from a prior estimate of 3 percent to 5 percent.

Total sales were $1.6 billion, up from $1.5 billion a year ago. Gross profit reached $779.9 million, up from $718.7 million, according to the release.

"Despite the challenging environment during the quarter, our continued commitment to providing industry-leading customer service allowed us to profitably grow sales with a comparable store sales increase of 2.5 percent, while also increasing our gross profit by 132 basis points," O'Reilly CEO and co-President Greg Henslee said in the release.

Other second-quarter financial notes:

• O'Reilly opened 50 stores during the quarter, and no stores were closed. During the same quarter of 2011, the company added 44 stores.
• Cash flow dropped to $201.1 million from $211.1 million.
• Current liabilities increased 38 percent to $2 billion from $1.5 billion.

As of June 30, O'Reilly's assets were $2.7 billion, and the company employed 52,254 across 3,859 stores in 39 states.

The company's shares were trading at $89.23 as of 9:25 a.m., compared to a 52-week range of $56.25 to $107.13.[[In-content Ad]]