O'Reilly Auto profits up 5% in 1Q

O'Reilly Automotive Inc. (Nasdaq: ORLY) increased first-quarter profits by 4.6 percent to $154.3 million, up from $147.5 million in the same quarter a year ago.

The Springfield-based auto parts retailer posted diluted earnings per share of $1.36 during the three months ended March 31, compared to $1.14 in first-quarter 2012, according to a news release.

"We are pleased to report a solid start to 2013, highlighted by a 19 percent increase in diluted earnings per share to $1.36, representing our 17th consecutive quarter of 15 percent or greater adjusted diluted earnings per share growth,” O'Reilly President and CEO Greg Henslee said in the release.

First-quarter financial notes:

• O'Reilly boosted sales by 4 percent to $1.59 billion, representing an increase from $1.53 billion in the same period last year.
• Comparable store sales increased 0.6 percent, compared to 7.4 percent for the same quarter a year ago. "As a reminder, the first quarter included headwinds from the 2012 Leap Day, the pull forward of business into the first quarter of 2012 due to the early spring weather we experienced across most of our markets last year and the timing of the Easter holiday this year," Henslee said in the release. O'Reilly is estimating 4 to 6 percent comparable store sales in the second quarter.
• During the first quarter, the company repurchased 2.5 million shares of its common stock at an average price of $92.35, representing a $228 million investment.

During the quarter, O'Reilly began integrating the 56 stores acquired Dec. 31 from privately owned Lewiston, Maine-based VIP Parts Tires & Service for an undisclosed amount. The company opened 65 net new stores in the first quarter of the planned 190 new stores in 2013, Henslee added.

O'Reilly held $5.8 billion in assets as of March 31. During the quarter, the company passed the 4,000 store threshold with the opening of a location in Tampa, Fla., in January, and by the end of the quarter, operated 4,041 stores in 42 states.

ORLY shares were trading at $106.88 as of 9:02 a.m., compared to a 52-week range of $75.61 to $108.99.