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O'Reilly Automotive, Inc. Reports First Quarter 2013 Results

Stocks in this article: ORLY

  • 19% increase in diluted earnings per share to $1.36
  • Record high first quarter gross margin of 50.4%
  • Comparable store sales increase of 0.6%, excluding Leap Day in 2012 of 1.9%

SPRINGFIELD, Mo., April 24, 2013 (GLOBE NEWSWIRE) -- O'Reilly Automotive, Inc. (the "Company" or "O'Reilly") (Nasdaq :ORLY), a leading retailer in the automotive aftermarket industry, today announced record first quarter revenues and earnings for its first quarter ended March 31, 2013.

1 st Quarter Financial Results

Sales for the first quarter ended March 31, 2013, increased $56 million, or 4%, to $1.59 billion from $1.53 billion for the same period one year ago. Gross profit for the first quarter increased to $799 million (or 50.4% of sales) from $762 million (or 49.8% of sales) for the same period one year ago, representing an increase of 5%. Selling, general and administrative expenses ("SG&A") for the first quarter increased to $548 million (or 34.5% of sales) from $514 million (or 33.6% of sales) for the same period one year ago, representing an increase of 6%. Operating income for the first quarter increased to $251 million (or 15.8% of sales) from $248 million (or 16.2% of sales) for the same period one year ago, representing an increase of 1%.

Net income for the first quarter ended March 31, 2013, increased $7 million, or 5%, to $154 million (or 9.7% of sales) from $147 million (or 9.6% of sales) for the same period one year ago. Diluted earnings per common share for the first quarter increased 19% to $1.36 on 113 million shares versus $1.14 for the same period one year ago on 129 million shares.

"We are pleased to report a solid start to 2013, highlighted by a 19% increase in diluted earnings per share to $1.36, representing our 17th consecutive quarter of 15% or greater adjusted diluted earnings per share growth," commented Greg Henslee, President and CEO. "The solid sales trend we experienced in the fourth quarter of 2012 continued into the first quarter of 2013, where we faced our most difficult quarterly comparable store sales comparisons for the year. As a reminder, the first quarter included headwinds from the 2012 Leap Day, the pull forward of business into the first quarter of 2012 due to the early spring weather we experienced across most of our markets last year and the timing of the Easter holiday this year. The Leap Day in 2012, combined with the timing of the Easter holiday, which fell in the second quarter of 2012 and the first quarter of 2013, resulted in a headwind of approximately 150 bps for the first quarter this year. Adjusted for the impact of the Leap Day in 2012, our comparable store sales for the first quarter of 2013 were 1.9% on top of a very strong Leap Day adjusted comp of 6.1% in the first quarter last year. With the onset of spring weather in many markets, we are seeing a strong seasonal sales volume trend so far in April, and remain confident in the strength of the long-term demand drivers for our industry. We will continue to focus on executing our proven strategy of serving both retail and professional service provider customers, and we are reiterating our full-year comparable store sales guidance of 3% to 5%."

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