O'Reilly quarterly sales grow, offset by CSK charges

Springfield-based O'Reilly Automotive Inc. on Wednesday reported its profit fell 22 percent in the third quarter due to charges stemming from the retailer's July 11 acquisition of Phoenix-based CSK Automotive.

Diluted earnings per share were 31 cents for the quarter, down 33 percent from 46 cents per share last year. Net income was $41.4 million, down 22 percent from $53.1 million a year ago. That includes about $12 million in charges related to the CSK acquisition. Excluding those charges, net income was unchanged from a year ago.

Sales, meanwhile, skyrocketed 68 percent from third-quarter 2007 to $1.11 billion. Gross profit increased 73 percent to $507 million.

Selling, general and administrative expenses were up 97 percent to $415 million.

O'Reilly opened 37 new stores during the quarter, and the CSK purchase brought 1,342 additional stores into the O'Reilly corporation. Total stores include 3,277 in 38 states.

The company expects to close 2008 with earnings between $1.45 and $1.49 per share. That's revised from the $1.50 to $1.54 per share that O'Reilly predicted in July.

Shares (Nasdaq: ORLY) closed Wednesday at $23.39 and were trading up at $25.63 as of 10:30 this morning. The 52-week range is $20 to $34.69.