LONDON, UK / ACCESSWIRE / May 11, 2018 / If you want access to our free earnings report on O'Reilly Automotive, Inc. (NASDAQ: ORLY) (''O'Reilly''), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ORLY. O'Reilly reported its first quarter fiscal 2018 operating and financial results on April 25, 2018. The auto parts retailer's earnings beat Wall Street estimates. Additionally, the Company provided earnings guidance for the upcoming quarter and fiscal quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
O'Reilly's sales for the first quarter ended March 31, 2018, increased 6%, to $2.28 billion from $2.16 billion for Q1 2017. The Company's comparable store sales increased 3.4% for the reported quarter, on top of 0.8% for the same period one year ago. O'Reilly's reported numbers matched analysts' estimates of $2.28 billion.
During Q1 2018, O'Reilly's gross profit increased to $1.20 billion, or 52.6% of sales, from $1.13 billion, or 52.5% of sales, for Q1 2017; representing an increase of 6%. The Company's selling, general, and administrative (SG&A) expenses increased to $778 million, or 34.1% of sales, for the reported quarter compared to $728 million, or 33.8% of sales for the prior year's same quarter; representing an increase of 7%.
O'Reilly's operating income increased to $423 million, or 18.5% of sales, for Q1 2018 from $403 million, or 18.7% of sales, in Q1 2017; representing an increase of 5%.
O'Reilly's net income increased 15% to $305 million, or 13.4% of sales, for Q1 2018 from $265 million, or 12.3% of sales, for Q1 2017. The Company's diluted earnings per common share for the reported quarter surged 28% to $3.61 on 85 million shares versus $2.83 on 93 million shares for the prior year's same quarter. O'Reilly's earnings beat Wall Street's estimates of $3.59 per share.
O'Reilly's free cash flow was $311 million for Q1 2018, which was a $68 million increase from the prior year, driven by higher income and a smaller increase in the Company's net inventory investment than in the prior year. O'Reilly's inventory per store at the end of the reported quarter was $599,000, which was flat from the end of FY17.
During Q1 2018, O'Reilly repurchased 2.2 million shares of its common stock, at an average price per share of $251.08, for a total investment of $549 million. Subsequent to the end of the reported quarter and through the date of the earnings announcement, the Company repurchased an additional 0.4 million shares of its common stock, at an average price per share of $235.25, for a total investment of $87 million. O'Reilly has repurchased a total of 68.8 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through the date of this release, at an average price of $140.55, for a total aggregate investment of $9.67 billion. As of the date of this release, the Company had approximately $1.08 billion remaining under its current share repurchase authorizations.
For Q2 2018, O'Reilly is forecasting earnings guidance at $3.95 to $4.05 per share. For full year 2018, the Company is expecting earnings in the band of $15.30 to $15.40, reflecting an increase of $0.20 at the midpoint.
Stock Performance Snapshot
May 10, 2018 - At Thursday's closing bell, O'Reilly Automotive's stock slightly fell 0.08%, ending the trading session at $265.20.
Volume traded for the day: 507.07 thousand shares.
Stock performance in the last month - up 13.92%; previous three-month period - up 5.15%; past twelve-month period - up 2.99%; and year-to-date - up 10.25%
After yesterday's close, O'Reilly Automotive's market cap was at $22.09 billion.
Price to Earnings (P/E) ratio was at 20.64.
The stock is part of the Services sector, categorized under the Auto Parts Stores industry. This sector was up 0.5% at the end of the session.
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