YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

O'Reilly Auto records $134M 2Q profits

Posted online
Springfield-based O'Reilly Automotive Inc. (Nasdaq: ORLY) recorded second-quarter net income of $133.8 million, a 34 percent increase compared to $99.6 million in the same quarter of fiscal 2010.

For the quarter ended June 30, earnings per diluted share were 96 cents, compared to 71 cents per diluted share in the same quarter of the previous year, according to a company news release.

In early July, O’Reilly Auto achieved a stock high of $66.52, the highest since the company went public in April 1993, according to Springfield Business Journal archives.

Sales for the quarter reached $1.5 billion, up from $1.4 billion in second-quarter 2010, according to the release.

Financial highlights:
  • O'Reilly Auto paid a one-time monetary penalty of $20.9 million to the U.S. Department of Justice during the second quarter to settle an investigation of CSK Auto Corp., a company acquired by O'Reilly in July 2008. The investigation involved CSK's accounting practices prior to being bought out by O'Reilly.
  • The company opened 44 new stores during the quarter, bringing its new store openings up to 99 for the fiscal year. The company previously set a goal to open 170 new stores in fiscal 2011.
  • Operating income was $222.4 million during the second quarter, or roughly 15 percent of sales.
"We are pleased to report another quarter of solid results and double-digit earnings growth," O'Reilly Co-President and CEO Greg Henslee said in the release. "Our stores continue to generate solid sales performance, driven by excellent customer service."

Ted Wise, co-president and chief operations officer, expanded, attributing the company's performance to the work of its 49,000 employees.

O'Reilly Automotive, which was founded in 1957, operates 3,657 stores in 39 states.

As of 10:50 a.m., O'Reilly shares were trading at $60.25, compared to a 52-week range of $45.74 to $66.52.[[In-content Ad]]

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
Business Spotlight: Meeting the Need

Least of These navigates increasing demand for services.

Most Read
Update cookies preferences