O'Reilly Automotive's annual sales exceed $15B for first time

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Springfield-based auto parts retailer O'Reilly Automotive Inc. (Nasdaq: ORLY) reported a new sales record after three weeks of fresh 52-week stock highs as investors awaited the latest results.

The company on Wednesday posted its fourth-quarter and annual report, showing revenue exceeded $15 billion for the first time, according to a news release. Officials with O'Reilly Automotive have previously said hitting $15 billion in sales was a goal by 2027.

Revenue of $15.8 billion during 2023 was nearly 10% higher than 2022's figure of $14.4 billion, the previous record for the company. During the fourth quarter, sales rose 5.1% to $3.8 million year over year.

Annual profits for the company were $2.3 billion, an 8% jump from $2.2 billion in 2022, according to the release. Fourth-quarter net income was $552.5 million, a 4.5% increase from $528.6 million in the same three-month period of 2022.

"We delivered another year of exceptional, profitable growth, highlighted by a 7.9% increase in comparable store sales and a full-year diluted earnings per share increase of 15% to $38.47," O'Reilly Automotive CEO Brad Beckham said in the release. "2023 was also a very successful expansion year for our company, with the successful opening of 186 new stores, the growth of our store and distribution footprint into Puerto Rico, and the opening of a large, modern distribution center in Guadalajara, Mexico.”

The most recent ORLY 52-week stock high of $1,074.04 per share was hit yesterday. The company’s stock was trading at $1,030.21 per share as of 9:15 a.m.