O'Reilly Auto posts quarterly gain in profits, sales

O’Reilly Automotive Inc. (Nasdaq: ORLY) reported higher second quarter net income and revenue.

The company posted a 10.2% increase in earnings to $585.5 million, or $8.33 per diluted share, according to a news release. That's up from $531.7 million, or $7.10 per diluted share, a year earlier.

Sales during the quarter jumped 12.1% to $3.5 billion.

"Team O’Reilly continues to deliver consistently outstanding service to our customers and produce record-breaking financial results, highlighted by our 9.9% increase in comparable store sales for the quarter, on top of a 16.2% increase in the prior year," said Greg Johnson, O'Reilly Automotive's co-president and CEO, in the release.

Second quarter financial notes:
• O'Reilly Automotive invested $400 million during the quarter to buy back company shares.
• The company added 50 stores, bringing its total count to 5,732.
• The quarter brought its year-to-date revenue to $6.6 billion.

For the year, O'Reilly Automotive is estimating revenue of $12.3 billion to $12.6 billion and diluted share earnings of $26.80 to $27, according to the release. As of June 30, the company's assets were $4.7 billion.

While the quarterly results surpassed analysts' expectations, O'Reilly Automotive shares fell upon the release of the financial report.

ORLY shares traded as low as $579.64 per share this morning, compared with yesterday's closing price of $609.59. The stock's 52-week range is $424.03 to $621.73. It crossed the $600 mark for the first time in company history on July 16.