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O'Reilly Auto's stock dips on Q1 earnings miss, guidance below estimates

EditorRachael Rajan
Published 04/24/2024, 04:46 PM
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SPRINGFIELD, Mo. - O'Reilly (NASDAQ:ORLY) Automotive, Inc. (NASDAQ:ORLY), a prominent player in the automotive aftermarket industry, reported a slight downturn in its stock by 1.62% following the release of its first quarter results, which fell short of analysts' expectations.

The company disclosed a first quarter earnings per share (EPS) of $9.20, which was $0.07 below the consensus estimate of $9.27. Despite this, the company achieved a revenue of $3.98 billion, aligning with the consensus estimate.

The company's first quarter performance included a 3.4% increase in comparable store sales, building upon a robust 10.8% increase from the previous year's first quarter. The EPS also saw an 11% rise from the same quarter last year. CEO Brad Beckham attributed the solid start to 2024 to the company's balanced growth in both professional and do-it-yourself categories and commended the team's dedication to O'Reilly's culture of hard work and exceptional customer service.

In terms of future outlook, O'Reilly Automotive provided full-year 2024 guidance with an EPS range of $41.35 to $41.85, trailing the analyst consensus of $42.40. The company also forecasts full-year revenue to be between $16.8 billion and $17.1 billion, which is slightly below the consensus of $16.95 billion.

During the first quarter, O'Reilly Automotive continued to expand its footprint, opening 37 new stores across the United States and Mexico. Additionally, the company marked its entry into the Canadian market with the acquisition of Vast Auto, adding 23 stores to its portfolio. Beckham expressed optimism about the company's growth opportunities in North America, particularly in the Canadian market.

The company's share repurchase program remained active, with 0.3 million shares bought back at an average price of $1,029.24 per share for a total investment of $270 million. As of the press release date, O'Reilly Automotive had approximately $2.22 billion remaining under its share repurchase authorizations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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