O'Reilly Automotive Inc (ORLY) Reports Q3 2023 Earnings
O'Reilly Automotive Inc (NASDAQ:ORLY) reports an 8.7% increase in comparable store sales growth in Q3 2023.
The company's diluted earnings per share increased by 17% to $10.72.
Net cash provided by operating activities year-to-date stands at $2.5 billion.
O'Reilly Automotive Inc (NASDAQ:ORLY) has raised its full-year 2023 comparable store sales guidance to a range of 7.0% to 8.0%.
On October 25, 2023, O'Reilly Automotive Inc (NASDAQ:ORLY) announced its third-quarter earnings for the period ending September 30, 2023. The company reported a strong performance with record revenue and earnings.
Financial Highlights
O'Reilly's CEO, Greg Johnson, commented on the company's performance, stating,
We are pleased to once again report another quarter of strong performance and profitable growth, highlighted by an 8.7% increase in comparable store sales and a 17% increase in diluted earnings per share to $10.72."
The company's sales for the third quarter increased by $405 million, or 11%, to $4.20 billion from $3.80 billion for the same period one year ago. Gross profit for the third quarter increased 12% to $2.16 billion (or 51.4% of sales) from $1.93 billion (or 50.9% of sales) for the same period one year ago.
Year-to-Date Financial Results
Year-to-date, O'Reilly Automotive Inc (NASDAQ:ORLY) has opened 140 net new stores and is on track to achieve its goal of 180 to 190 net new store openings in 2023. Sales for the first nine months of 2023 increased $1.21 billion, or 11%, to $11.98 billion from $10.77 billion for the same period one year ago. Gross profit for the first nine months of 2023 increased 11% to $6.14 billion (or 51.2% of sales) from $5.53 billion (or 51.3% of sales) for the same period one year ago.
Share Repurchase Program
During the third quarter ended September 30, 2023, the Company repurchased 0.9 million shares of its common stock, at an average price per share of $938.11, for a total investment of $800 million. During the first nine months of 2023, the Company repurchased 3.0 million shares of its common stock, at an average price per share of $874.99, for a total investment of $2.59 billion.
Updated Full-Year 2023 Guidance
The company has updated its full-year 2023 guidance, expecting a total revenue of $15.7 billion to $15.8 billion, gross profit as a percentage of sales of 50.8% to 51.3%, and diluted earnings per share of $37.80 to $38.30.
About O'Reilly Automotive Inc (NASDAQ:ORLY)
O'Reilly Automotive Inc (NASDAQ:ORLY) is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. As of September 30, 2023, the Company operated 6,111 stores across 48 U.S. states, Puerto Rico, and Mexico.
Explore the complete 8-K earnings release (here) from O'Reilly Automotive Inc for further details.
This article first appeared on GuruFocus.
