O'Reilly Auto posts 1Q profit gain, same store sales increase

O'Reilly Automotive Inc. (Nasdaq: ORLY) boosted first-quarter net income 12.7 percent to $173.9 million, up from $154.3 million in the same quarter of 2013.

The Springfield-based auto parts retailer increased its diluted share earnings by 25 cents to $1.61 for the three months ended March 31. The first quarter marked the company's 21st consecutive quarter of diluted share earning gains of at least 15 percent, according to a news release.

First-quarter financial notes:

• Comparable store sales rose 6.3 percent. "Our comparable store sales results for the first quarter exceeded our expectations, and the top end of our guidance range, driven by team O’Reilly’s relentless focus on delivering the highest level of customer service in the industry," President and CEO Greg Henslee said in the release.
• The company repurchased 100,000 shares of its common stock during the quarter, representing a total investment of $22 million.
• Sales totaled $1.7 billion during the first quarter, a 9 percent increase compared to $1.6 billion in the same quarter a year ago.

As of March 31, O'Reilly Auto held assets of $6.4 billion and employed 66,676 at 4,216 stores in 42 states. During the first quarter, the company opened 51 stores and closed one, according to the release.

ORLY shares were trading at $144.96 as of 9:14 a.m., compared to a 52-week range of $100.91 to $155.94.