O'Reilly Auto bumps share repurchase program

The O’Reilly Automotive Inc. (Nasdaq: ORLY) Board of Directors last week approved a resolution to boost the company’s share repurchase program by $500 million.

With the move approved May 29, the program’s aggregate amount rises to $5.5 billion, according to a news release.

The latest $500 million authorization is effective for a three-year period effective May 29.

During the first quarter, the Springfield-based auto parts retailer repurchased 600,000 shares at an average price of $207.50, for a total investment of $135 million, according to Springfield Business Journal archives.

The company posted quarterly net income of $212.9 million, a 22.4 percent increase from $173.9 million in the first three months of 2014.

ORLY shares were trading at $220.69 as of 10:43 a.m., compared to a 52-week range of $145.51 to $230.77.