AutoZone (AZO) got a slight lift in extended trades after the Memphis, Tenn.-based auto parts retailer boosted its buyback program by $500 million.
The company, which operates roughly 4,600 stores in the United States and Mexico, cited its "continued strong financial performance" as the impetus for its ongoing repurchase plans. AutoZone announced its fiscal first-quarter results on Dec. 7, posting a profit of $172.1 million, or $3.77 a share, which beat Wall Street expectations by nearly 10%.
At that time, the company said it had repurchased 1.3 million common shares for $300 million during the three months ended Nov. 20 at an average price of $231 per share, and that it had around $386 million remaining under its buyback program.The stock ticked up $2.45, or 0.9%, to $265 on volume of around 10,000, according to Nasdaq.com. Based on a regular session close at $262.55, the shares have appreciated 66% this year. -- Written by Michael Baron in New York.
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