Auto parts firm O'Reilly raises annual profit outlook on robust demand
Oct 25 (Reuters) - Auto parts distributor O'Reilly Automotive Inc raised its full-year profit outlook on the back of robust do-it-yourself (DIY) comparable store sales growth.
High interest rates on the purchase of newer cars have forced consumers to turn to buying replacement parts for their ageing vehicles, significantly boosting sales in the DIY business for auto parts sellers.
O'Reilly CEO Greg Johnson said the company's consistent execution of its proven dual market strategy and excellent customer service resulted in another quarter of mid-teen professional and solid DIY comparable store sales growth.
The Springfield, Missouri-based company now expects full-year 2023 profit between $37.80 and $38.30 per share, up from its prior outlook of $37.05 to $37.55.
O'Reilly now sees FY revenue between $15.7 billion and $15.8 billion, up from a prior view of $15.4 billion and $15.7 billion.
The company reported profit of $10.72 per share for the quarter ended Sept. 30, up from $9.17 per share a year ago.
Revenue also rose to $4.20 billion, from $3.80 billion in the previous year. (Reporting by Raechel Thankam Job and Amna Karimi in Bengaluru; Editing by Shailesh Kuber)
