O’Reilly Auto earns 52-week high on 3Q results

Shares of O’Reilly Automotive Inc. (Nasdaq: ORLY) shot up to a new 52-week high this morning after the company reported increased third-quarter sales and profits.

ORLY shares went as high as $277.96 this morning, beating yesterday’s closing price by nearly $15. The company’s 52-week low is $172.65.

For the three months ended Sept. 30, the Springfield-based auto parts retailer posted net income of $266.3 million, a 23 percent jump compared to $217 million in the same quarter a year earlier. Diluted share earnings for the quarter rose 58 cents to $2.64, representing the 27th consecutive quarter of at least 15 percent growth, according to a news release.

O’Reilly Auto’s sales moved up 11 percent to $2.1 billion from $1.9 billion last year. Third-quarter comparable store sales were up by 7.9 percent.

President and CEO Greg Henslee said the third-quarter operating margin was 20 percent, a record high for the company.

“This consistently strong performance is the direct result of our team members’ commitment,” he said in the release.

Third-quarter financial notes:
    •    O’Reilly Auto opened 59 stores and closed one, resulting in 4,523 stores as of Sept. 30.
    •    The company repurchased 1.1 million shares of its common stock an at average price of $238.97, representing an investment of $274 million.
    •    Costs of goods sold moved up to $991 million and selling, general and administrative expenses rose to $674 million.

As of Sept. 30, O’Reilly Auto’s assets were $6.8 billion, according to the release.