Stock Segment: Locally based public companies' 1Q results

O’Reilly Automotive Inc. reported a 4.3 percent decrease in net income in first quarter 2008 compared to the year before, according to its quarterly earnings report.

Net income for the quarter totaled $46.3 million, down from $48.4 million in first quarter 2007. Diluted earnings per common share decreased 4.8 percent to 40 cents.

Comparable store sales – sales for stores open at least one year – decreased 0.4 percent for the quarter, compared to a 6.8 percent increase in 2007. Total sales reached $646 million, up 5.4 percent from 2007.

“With softer sales resulting from a very challenging (economic) environment, our first quarter results were short of our expectations,” said CEO and Co-President Greg Henslee in the report. “Although customer demand in our markets during the first quarter was sluggish, we continue to see opportunity to expand our market share.”

The company did show a 7.1 percent increase in gross profit in the quarter, up to $288 million from $269 million in 2007.

The outlook for the second quarter is more optimistic; assuming no significant change in the macroeconomic environment, O’Reilly estimates diluted earnings per share for the second quarter of approximately 47 cents to 51 cents, with an expected comparable store sales increase of 3 percent to 5 percent.

O’Reilly is also in the process of getting regulatory approval for its acquisition of Phoenix-based CSK Auto Corp. The $1 billion transaction would add 1,350 stores to O’Reilly’s current total of around 1,830.

In CSK Auto’s fourth quarter, which ended Feb. 3, the company lost $12.3 million, or 28 cents per share compared to the previous year, and revenue fell 10 percent to $427 million.

Shares of O’Reilly Automotive (Nasdaq: ORLY) closed April 30 at $28.87. The 52-week range is $24.08 to $38.84.

Electric revenue boosts Empire earnings

Empire District Electric Co. on April 24 reported a healthy 55 percent increase in net income for the first quarter.

Net income for the Joplin-based, investor-owned utility was $6.99 million, up from $4.5 million in the same quarter in 2007. Earnings per share were 21 cents, compared to 15 cents a year ago.

Electric segment revenues were $108.74 million, up 12 percent from first-quarter 2007. That increase was fueled by more off-system sales, customer growth and rate changes, and a 14 percent climb in estimated heating-degree days, according to the report. Natural gas revenues were $27.28 million, down 1 percent from last year, and other revenues were $1.06 million, compared to $795,000 reported a year ago.

During the period, Empire’s Asbury plant returned to service Feb. 10 after an extended maintenance outage, and the company March 11 completed a solicitation of consents from Electric First Mortgage Bonds holders.

Shares (NYSE: EDE) closed April 30 at $20.83, compared to a 52-week range of $19.33 to $25.09.

Leggett earnings dip in first quarter

Carthage-based Leggett & Platt on April 16 reported a dip in first-quarter earnings due to softened demand in residential-related markets and higher steel costs.

The quarter had earnings of 25 cents per diluted share, including 2 cents per share from discontinued operations, compared to 41 cents per share, including 9 cents from discontinued operations, in first-quarter 2007.

Net earnings were $43.4 million, down from $75.7 million a year ago. Sales were $1 billion, down 5 percent from a year earlier.

“The divestitures we announced last fall are progressing well,” President and CEO David Haffner said in a news release. “We continue to believe that the divestitures will occur during 2008, with proceeds in line with our original expectations. Given the market’s interest in small- to mid-size transactions, and the tangible assets associated with these operations, we believe our expectations are reasonable.”

Expected earnings per share for 2008 are $1 to $1.30. Sales are projected to be about $4.2 billion, about 2 percent lower than 2007.

Shares (NYSE: LEG) closed April 30 at $16.60, compared to a 52-week range of $14.12 to $24.73.[[In-content Ad]]