O'Reilly Auto to repurchase $500M in shares

The O'Reilly Automotive Inc. Board of Directors has approved a resolution authorizing the repurchase of $500 million of the public company's shares.

The Springfield-based auto parts retailer (Nasdaq: ORLY) has committed to repurchasing the shares at prevailing market prices during a three-year period beginning May 29, according to a news release.

O'Reilly started its share repurchase program in January 2011, and with the latest extension, increases the aggregate authorization to $3.5 billion.

O'Reilly boosted first-quarter profits 4.6 percent to $154.3 million. The company posted diluted earnings per share of $1.36 during the three months ended March 31, compared to $1.14 in first-quarter 2012.

As of 8:35 a.m., O'Reilly shares were trading at $110.78, near a 52-week high of $112.92 reached May 21.