O'Reilly Automotive Inc. (Nasdaq: ORLY) reported improved top- and bottom-line quarterly growth amid healthy foot traffic at stores nationwide, according to its latest earnings report.
Third-quarter revenue of $3.5 billion was 8.5% higher than the $3.2 billion reported in the same quarter last year, according to a news release. Net income rose 6% to $558.7 million, or $8.14 per diluted share, from $527.3 million, or $7.13 per diluted share a year earlier. Sales and profits beat analysts' expectations for the quarter.
“We are pleased to once again report another very profitable quarter, highlighted by a 6.7% increase in third-quarter comparable store sales, on top of the incredibly strong 16.9% increase we generated in the prior year, and an impressive 14% increase in diluted earnings per share," said Greg Johnson, O'Reilly Automotive CEO and co-president, in the release.
During the third quarter, O'Reilly Automotive added 30 stores domestically and 22 in Mexico, bringing the store count to 5,762. The publicly traded company also repurchased $943 million worth of ORLY shares during the quarter.
As of Sept. 30, O'Reilly Automotive's assets were $11.8 billion, according to the release.
ORLY shares were trading at $636.31 as of 10:10 a.m., compared with a 52-week range of $424.03 to $669.09. The 52-week high was hit Oct. 22.
County lockup comes in on time and under budget.