O'Reilly Automotive to buy back $500M in shares

The O'Reilly Automotive Inc. (Nasdaq: ORLY) Board of Directors approved a $500 million share repurchase authorization.

The latest move bumps the Springfield-based auto parts retailer's share repurchase program to $4.5 billion. The board's approval of $500 million in new purchases took effect Aug. 13 for a three-year period, according to a news release.

The approval follows a profitable second quarter for O'Reilly Automotive. For the three months ended June 30, the company posted net income of $205.6 million, representing a 16.1 percent increase over $177.1 million in the same quarter a year earlier.

ORLY shares were trading at $152.38 as of 10:05 a.m., compared to a 52-week range of $120.34 to $156.37.[[In-content Ad]]