S&P 500 (NYSE:SPY) component O’Reilly Automotive, Inc.’s (NASDAQ:ORLY) net income increased in the first quarter. O’Reilly Automotive Inc offers automotive aftermarket parts, tools, supplies and accessories to individual customers and professional installers.
O’Reilly Automotive Earnings Cheat Sheet for the First Quarter
Results: Net income for O’Reilly Automotive, Inc. rose to $102.5 million (72 cents/share) vs. $97.5 million (70 cents/share) in the same quarter a year earlier. A rise of 5.1% from the year earlier quarter.
Revenue: Rose 8% to $1.38 billion YoY.
Actual vs. Wall St. Expectations: ORLY reported adjusted net income of 83 cents/share. By this measure, the company topped the mean analyst estimate of 78 cents/share. Estimates ranged from 64 cents per share to 83 cents per share.
Quoting Management: Commenting on the Company’s quarterly results, Greg Henslee, O’Reilly’s CEO and Co-President stated, “We are happy to report another very profitable quarter. Our solid start to 2011 was highlighted by a comparable store sales increase of 5.7% and a 100 basis point improvement in operating margin which drove an increase in adjusted diluted earnings per share of 19%.”
The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 47% and in the third quarter of the last fiscal year, the figure rose 33.6%.
Gross margins grew 0.1 percentage point to 48.4%. The growth seemed to be driven by increased revenue, as the figure rose 8% from the year earlier quarter while costs rose 7.7%.
Over the last five quarters, revenue has increased 10.7% on average year over year. The biggest increase came in the third quarter of the last fiscal year, when revenue rose 13.3% from the year earlier quarter.
Competitors to Watch: Advance Auto Parts, Inc. (NYSE:AAP), AutoZone, Inc. (NYSE:AZO), The Pep Boys – Manny, Moe & Jack (NYSE:PBY), U.S. Auto Parts Network, Inc. (NASDAQ:PRTS), Pick-Ups Plus, Inc. (PUPS), Tilden Associates Inc (TLDN), Midnight Hldgs. Group Inc (MHGI), Aftermarket Enterprises Inc (AFTM), and Halfords Group plc (HFD).
Today’s Performance: Shares of ORLY were unchanged in after hours trading.