O'Reilly Automotive boosts quarterly profits, revenue

O'Reilly Automotive Inc. (Nasdaq: ORLY) reported improved profits and sales during the first quarter.

The Springfield-based auto parts retailer posted net income of $547.2 million, a 5.9% increase from $516.9 million a year earlier, according to a news release. Diluted share earnings rose to $9.20 from $8.28 per share.

Sales during the quarter were nearly $4 billion, up 7.2% from $3.7 billion in first-quarter 2023.

"We are pleased to report a solid start to 2024, highlighted by a 3.4% comparable store sales increase, which was on top of the very strong 10.8% comparable store sales increase from the first quarter last year," O’Reilly Automotive CEO Brad Beckham said in the release. "Our comparable store sales increase was comprised of solid growth in both professional and DIY, which grew mid-single digit and low-single digit, respectively, in the quarter."

As of March 31, assets at the company were $14.2 billion. O'Reilly Automotive operated 6,217 stores at the end of the three-month period.

ORLY shares were trading at $1,024.47 as of 9:44 a.m., compared with a 52-week range of $860.10 to $1,169.11 per share.