Press release
O’Reilly Automotive, Inc. Reports Third Quarter 2024 Results
Third quarter comparable store sales growth of 1.5%6% increase in third quarter diluted earnings per share to $11.41$2.4 billion net cash provided by
About this update from O'reilly Automotive, Inc.
[{"type":"text","content":"Third quarter comparable store sales growth of 1.5%6% increase in third quarter diluted earnings per share to $11.41$2.4 billion net cash provided by operating activities year-to-date SPRINGFIELD, Mo., Oct. 23, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue and earnings for its third quarter ended September 30, 2024. 3rd Quarter Financial ResultsBrad Beckham, O’Reilly’s CEO, commented, “Our comparable store sales increased 1.5% in the third quarter, as we faced broad-based consumer pressures and a soft demand environment on both the professional and DIY sides of our business. While our third quarter results were below our expectations, we are pleased with our Team’s unwavering dedication to our customers and their ability to still deliver positive comparable store sales results in tough conditions, on top of the robust 8.7% and 7.6% increases we generated in the third quarter the last two years. We are also pleased to have generated another strong quarter of sales growth in our professional business, where we continue to gain market share. We remain very confident in the strength of the long-term, core drivers of demand in our industry, as well as our Team’s ability to outpace the market. I would like to express my appreciation to our over 92,000 Team Members for their unrelenting hard work and commitment to providing industry-leading service to our customers.” Sales for the third quarter ended September 30, 2024, increased $161 million, or 4%, to $4.36 billion from $4.20 billion for the same period one year ago. Gross profit for the third quarter increased 4% to $2.25 billion (or 51.6% of sales) from $2.16 billion (or 51.4% of sales) for the same period one year ago. Selling, general and administrative expenses (“SG&A”) for the third quarter increased 7% to $1.35 billion (or 31.0% of sales) from $1.26 billion (or 30.1% of sales) for the same period one year ago. Operating income for the third quarter was $897 million (or 20.5% of sales), which was flat compared to $897 million (or 21.3% of sales) for the same period one year ago. Net income for the third quarter ended September 30, 2024, increased $16 million, or 2%, to $665 million (or 15.2% of sales) from $650 million (or 15.5% of sales) ...