O'Reilly Automotive posts 52 percent earnings increase

Springfield-based O'Reilly Automotive Inc. (Nasdaq: ORLY) posted a 52 percent increase in earnings per diluted share, based on a 10 percent increase in total sales.

Earnings per share totaled 70 cents in first-quarter 2010, up from 46 cents per share a year earlier. Net income for the quarter was $97 million, up 55 percent from the $63 million posted in first-quarter 2009.

Sales for the quarter were $1.28 billion, up 10 percent from $1.16 billion the year before, including a 6.9 percent increase in comparable store sales, for stores open at least one year.

Gross profit for the quarter totaled $618 million, up from $543 million in 2009, and general and administrative expenses increased to $450 million from $429 million.

"We are pleased to report ... the fifth consecutive quarter of positive double-digit earnings growth following our acquisition of CSK," CEO and Co-President Greg Henslee said in the release, referring to the July 2008 acquisition of Phoenix-based CSK Auto. "The CSK integration continues to progress on schedule, and we are very pleased with the performance of our converted stores."

The company opened 49 new stores in the first quarter toward its goal of 150 new stores in 2010, along with new distribution centers in Moreno Valley, Calif., and Denver.

Shares of O'Reilly stock closed Friday at $48.87, compared to a 52-week range of $33.61 to $50.09. Shares are up to $49.29 as of 10:10 a.m. Monday.[[In-content Ad]]