O'Reilly Auto revs forward in net income

O'Reilly Automotive Inc. (Nasdaq: ORLY) increased its third-quarter net income by 33 percent up to $116.5 million from $87.2 million in the same quarter last year.

Price per diluted share increased to 82 cents, up from 63 cents in third-quarter 2009, according to a company news release.

Ted Wise, O'Reilly co-president and chief operations officer, said relocation of its Dixon, Calif., distribution center to a larger facility in Stockton, Calif., as well as several new store openings added to the success of the company's third-quarter results.

"We opened 48 new stores during the quarter, putting us on track to open our projected 150 new stores in 2010. For 2011, our projection is to open approximately 170 new stores," Wise said in the release. "Our strong performance during the quarter was again the result of the hard work and dedication of our team members."

Third-quarter highlights:

• The company had $1.4 billion in sales during the quarter, compared to $1.3 billion in third-quarter 2009. Cost of goods sold was $732.5 million for the quarter, up from $647.7 million in the same quarter last year.
• Total year-to-date assets were $5 billion, compared to $4.7 billion in third-quarter 2009.
• At the end of the third quarter, the company had 47,334 employees, compared to 44,435 at the same time last year.
• As of Sept. 30, O'Reilly - including its brands Checker, Schuck's and Kragen - had 3,536 stores in 38 states.

O'Reilly Automotive Inc. shares were trading at $57.28 as of 11:27 a.m. today, compared to a 52-week range of $33.61 to $57.38.[[In-content Ad]]