O'Reilly bumps share repurchase program to $2.5B

The O'Reilly Automotive Inc. Board of Directors on Friday approved a resolution to extend the company's share repurchase program by an additional $500 million, bringing the total to $2.5 billion.

The move marks the fourth increase for the program, which was launched in January 2011.

The latest $500 million authorization is effective for three years beginning Aug. 10, according to a news release.

Shares repurchased through the program will be acquired through a broker dealer at prevailing market prices, based on price, corporate requirements and overall market conditions, the release said.

O'Reilly (Nasdaq: ORLY) posted $146.1 million earnings in the second quarter, and as of June 30, the company employed 52,254 across 3,859 stores in 39 states. Its assets were $2.7 billion.

As of 9:21 a.m., the company's shares were trading at $84.66, compared to a 52-week range of $58.84 to $107.13.