ORLY stock drops on quarterly results

O'Reilly Automotive Inc.'s (Nasdaq: ORLY) stock fell below $700 per share this week after the company reported its quarterly results.

The auto parts retailer's stock dropped as low as $609.98 per share this morning, a roughly 22% decrease from a 52-week high of $744.72 per share hit Aug. 20.

For the first quarter, O'Reilly Automotive reported net income of $481.9 million, a nearly 4% decrease from $501.6 million a year earlier.

"Historically, our first quarter can be volatile, as we see weather impacts from winter conditions early in the quarter and the timing of the onset of spring at the end," said Greg Johnson, the company's president and CEO, in the release. "This year was no exception, and we saw choppiness in our business that coincided with inclement weather at the beginning of our quarter and the slow start to spring, along with other macroeconomic pressures."

Johnson highlighted a 4.8% increase in comparable store sales, which he said resulted "in an incredible comparable store sales two-year stacked increase of 29.6%."

O'Reilly Automotive's $7.17 per share in diluted earnings missed analysts' expectations of $7.43 per share for the quarter, according to Zacks Equity Research.

As of March 31, O'Reilly Automotive's assets were $11.8 billion, according to the release. The company ended the quarter with 5,838 stores.