O'Reilly Auto posts $670M profits in 2013

O'Reilly Automotive Inc. (Nasdaq: ORLY) produced net income of $670.3 million last year, a 14.4 percent increase compared to $585.7 million in 2012.

The Springfield-based auto parts retailer posted diluted earnings per share of $6.03 for 2013, a jump of $1.28 from 2012. The increase represented the company's fifth consecutive year of 25 percent or greater adjusted share earnings growth, according to a news release.

2013 financial notes:

• O'Reilly Auto's fourth-quarter profits were $152.3 million, a 14.7 percent increase compared to $132.8 million in the same quarter a year ago.
• The company repurchased 8.5 million shares of its common stock at an average price of $109.38 per share, for a total investment of $933 million.
• Comparable store sales increased 5.4 percent in the fourth quarter and 4.3 percent for the year.

O'Reilly Auto started 2014 with the opening of its 25th distribution center, located in central Florida, and is projecting comparable store sales growth of 3 to 5 percent for the year, the release said.

Alongside its earnings report, the company also announced its board of directors approved a resolution allowing the repurchase of an additional $500 million in shares, raising the aggregate authorization under the program to $4 billion, according to the company.

As of Dec. 31, O'Reilly's assets were $6.1 billion, employment totaled 61,909 and the company's store count improved to 4,166, according to the release.

ORLY shares were trading at $146.67 as of 11:04 a.m., compared to a 52-week range of $92.39 to $149.99.