Stock Segment: O'Reilly reports increase in third-quarter sales

Net income for the quarter was $47.9 million, up 12.4 percent from $42.6 million in third-quarter 2005, excluding a one-time tax benefit of $6.1 million. When factoring in the tax benefit, net income fell 2 percent in the quarter from $48.6 million last year. Earnings per share for the quarter were 42 cents, unchanged from the same quarter last year.

Product sales rose 10 percent in the quarter to $597 million. Gross profit was up 11.6 percent to $263 million, and operating, selling, general and administrative expenses increased 11.8 percent to $188 million.

The automotive aftermarket retailer added 41 stores in the third quarter for a total of 1,596 locations. O’Reilly plans to add 44 more stores in the fourth quarter.

Comparable store product sales for stores open at least one year increased 3.6 percent for the quarter.

The auto-parts market gained another competitor Oct. 23, when Internet retailer Amazon.com announced it now offers more than 1 million new, used and remanufactured automotive parts for sale online.

Shares (Nasdaq: ORLY) closed Oct. 25 at $32.46. The 52-week range is $26.55 to $38.30.

UMB earnings mixed

Kansas City-based UMB Financial Corp., the holding company for UMB Bank, on Oct. 24 reported a quarterly decrease in earnings but year-to-date gains in net income and net interest income.

Earnings for the third quarter were $15.9 million, or 37 cents per share, a 1.9 percent fall from third-quarter 2005. Earnings for the nine months ended Sept. 30 were $44 million, or $1.03 per share, up 6.3 percent from the previous year.

Net interest income was up 12.5 percent for the quarter and 14.6 percent for the year-to-date. Noninterest income fell by 0.5 percent for the quarter from 2005, while noninterest expense increased $6.3 million, or 7 percent.

UMB experienced lending growth in the third quarter. Retail business was boosted by a summer promotion for a home equity line of credit, which generated more than $30 million in new home loans. The small-business division grew by 92 percent in deposits from third-quarter 2005.

Also in the third quarter, UMB completed its acquisition of Denver-based Mountain States Bancorporation Inc., which had $284.1 million in consolidated assets.

Shares of UMB Financial (Nasdaq: UMBF) closed Oct. 25 at $36.23, compared to a 52-week range of $31.72 to $37.36.

Leggett & Platt grows same-store sales

Carthage-based Leggett & Platt set a record in the third quarter with sales reaching $1.41 billion, a 4.9 percent increase from the same period last year.

The record was due partly to a 1 percent increase in same-store sales and to acquisitions, which contributed 6 percent of the sales increase. Gains were offset slightly by unit volume declines and costs from the company’s restructuring program, which is nearly complete.

Quarterly per-share earnings, announced Oct. 19, were 45 cents, up from 28 cents in third-quarter 2005.

“Externally, the North American automotive and bedding markets continue to be weak and have softened more than we previously anticipated,” said President and CEO David Haffner in a news release. “On the other hand, our residential furniture hardware and foam businesses have continued to perform well.”

The company also purchased 2.1 million shares of its stock, a move partially offset by the issuance of 300,000 shares through benefit plans. Year-to-date, the company has purchased 4.8 million shares.

Company shares (NYSE: LEG) closed Oct. 25 at $22.94, compared to a 52-week range of $18.97 to $27.04.

Bank of America increases earnings

Growth in card-service and small-business lending helped Charlotte, N.C.-based Bank of America boost its net income by 41 percent in the third quarter.

According to its earnings report released Oct. 19, Bank of America’s net income was $5.42 billion in the third quarter, up from $3.84 billion in the same period last year. Per-share earnings were $1.18, up 24 percent from 95 cents a year ago.

During the quarter, average managed-card service loans grew 7 percent to a record $193.32 billion, while average held-card service loans increased $38.53 billion to $95.95 billion. Home equity production increased 16 percent, and average loans to small businesses grew 73 percent to nearly $13 billion.

Year-to-date earnings are $15.88 billion, or $3.44 per share, compared to $12.89 billion a year ago.

Shares of Bank of America (NYSE: BAC) closed Oct. 25 at $54, near a 52-week high of $54.87.

Paul Mueller net income drops, sales rise

Springfield-based Paul Mueller Co. reported a sharp decline in third-quarter net income, though the company’s backlog is nearly triple what it was at the end of 2005.

Net income for the quarter was $198,000, compared to $418,000 in the same period last year. Quarterly earnings per share were 17 cents, down from 36 cents a year ago.

Net sales were up to $36.7 million for the quarter, from $31.3 million in third-quarter 2005.

Year-to-date net income is down to $1.03 million from $2.79 million reported at this time last year.

Shares (OTC: MUEL.PK) closed Oct. 25 at $40.75, compared to a 52-week range of $27.50 to $43.[[In-content Ad]]