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12/13/2017
O’Reilly Automotive Reports 3rd Quarter 2017 Results
Source: AftermarketNews
O’Reilly Automotive Inc. has announced record revenues and earnings for its third quarter ended Sept. 30, 2017.
Sales for the third quarter ended Sept. 30, 2017, increased $119 million, or 5 percent, to $2.34 billion from $2.22 billion for the same period one year ago. Gross profit for the third quarter increased to $1.23 billion (or 52.6 percent of sales) from $1.17 billion (or 52.7 percent of sales) for the same period one year ago, representing an increase of 5 percent.
Greg Henslee, O’Reilly’s CEO, commented, “Our comparable store sales results of 1.8 percent were solidly in our guidance range of one to three percent for the quarter, as we continued to face a challenging demand environment and experienced severe weather in various parts of the country. Despite the challenges, Team O’Reilly delivered an 11 percent increase in third quarter diluted earnings per share to $3.22, and I would like to thank our team members for their unwavering commitment to our long-term success and for their dedication to providing exceptional service to every customer who depends on O’Reilly for their automotive needs.”
“The long-term demand drivers for our industry remain intact and positive, including increasing annual miles driven and a growing and aging vehicle fleet, and we remain very confident in our team’s ability to take market share by executing our dual-market strategy and providing consistently excellent customer service, regardless of the demand environment. During the fourth quarter, we will face headwinds from an additional Sunday, which is our lowest volume day, and from a calendar shift of the Christmas holiday from a Sunday to a Monday. Based on an expected continuation of the business trends we experienced in the first nine months of this year and these calendar headwinds, we are setting our fourth quarter comparable store sales guidance at a range of 0 to 2 percent.”