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O’Reilly Auto hits 52-week high on earnings results

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O’Reilly Automotive Inc.’s (Nasdaq: ORLY) shares rose to a fresh 52-week high this morning after the company reported improved second-quarter sales and net income.

Earnings rose 25 percent to $353.1 million, or $4.28 per share, from $282.8 million, or $3.10, per share, a year earlier. The company produced $2.5 billion in sales, a 7 percent increase from $2.3 billion in second-quarter 2017, according to a news release.

On the results, ORLY shares hit the new high of $310 to start trading this morning. The company’s 52-week low is $186.82.

“We are very pleased to report another profitable quarter, highlighted by a solid 4.6 percent increase in comparable store sales, which exceeded the top of our guidance range for the second quarter,” O’Reilly Automotive co-President  and CEO Greg Johnson said in the release.

“Our top-line performance — driven by team O’Reilly’s commitment to providing consistent, excellent customer service, and our relentless focus on profitable growth — resulted in a 38 percent increase in diluted earnings per share.”

Second-quarter financial notes:
    •    The company opened 54 stores and closed four to end the quarter at 5,147 locations.
    •    O’Reilly Automotive repurchased 1.6 million of its shares for $416 million.
    •    Cost of goods sold moved up 7 percent to $1.2 billion.

As of June 30, O’Reilly Automotive held assets of $7.8 billion. The Springfield-based auto parts retailer employed 79,598 at the end of the quarter, a 5.2 percent increase from a year earlier, according to the release.


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