O’Reilly Auto bumps share buyback program by $750M

The O’Reilly Automotive Inc. Board of Directors voted Nov. 16 to increase the company’s share buyback program by $750 million.

The increase raises the aggregate amount for the company’s (Nasdaq: ORLY) buyback plan to $7.75 billion, according to a news release.

The three-year, $750 million authorization became effective Nov. 16.

Under the plan, O’Reilly Automotive may make purchases at open market prices, but there’s no assurance it will, according to the release.

In the third quarter, O’Reilly Automotive posted net income of $278.5 million, a 4.6 percent increase from $266.3 million a year earlier. Diluted share earnings rose 25 cents to $2.93.

ORLY shares were trading at $265.91 as of 8:32 a.m., compared with a 52-week range of $225.12 to $292.84.