O'Reilly posts record revenue, earnings in 3Q

O'Reilly Automotive Inc. hit new records for quarterly revenue and earnings in the third quarter, according to a company report released Wednesday night.

Sales for the quarter totaled $1.26 billion, up 13 percent from the same period in 2008, with gross profit increasing 21 percent to $611 million. For the first nine months of the year, sales totaled $3.67 billion, up 49 percent from the same period a year earlier. Gross profit year-to-date totaled $1.76 billion, up 58 percent from last year.

Net income for the quarter was $87 million, up 111 percent from third-quarter 2008, with diluted earnings per share increasing 103 percent to 63 cents.

"We are proud to announce another very profitable quarter," CEO and Co-President Greg Henslee said in the earnings release. "These results were driven by a solid consolidated comparable store sales increase of 5.3 percent and continued improvement in our gross margin results fueled by improved acquisition costs as the result of our increased purchasing power."

Shares of O'Reilly Automotive (Nasdaq: ORLY) closed Wednesday at $33.68, compared to a 52-week range of $21.36 to $42.93. Shares were up 10 percent to $37.15 as of 9:15 a.m. today.

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