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TheStreet Open House

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

Stocks in this article: ORLY

  • 37% increase in second quarter diluted earnings per share to $1.58
  • Second quarter comparable store sales increase of 6.5%
  • Operating margin for the second quarter increases 170 bps to 17.3%

SPRINGFIELD, Mo., July 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 revenues and earnings for its second quarter ended June 30, 2013.

2 nd Quarter Financial Results

Sales for the second quarter ended June 30, 2013, increased $152 million, or 10%, to $1.71 billion from $1.56 billion for the same period one year ago. Gross profit for the second quarter increased to $872 million (or 50.8% of sales) from $780 million (or 49.9% of sales) for the same period one year ago, representing an increase of 12%. Selling, general and administrative expenses ("SG&A") for the second quarter increased to $576 million (or 33.6% of sales) from $536 million (or 34.3% of sales) for the same period one year ago, representing an increase of 7%. Operating income for the second quarter increased to $296 million (or 17.3% of sales) from $244 million (or 15.6% of sales) for the same period one year ago, representing an increase of 22%.

Net income for the second quarter ended June 30, 2013, increased $31 million, or 21%, to $177 million (or 10.3% of sales) from $146 million (or 9.3% of sales) for the same period one year ago. Diluted earnings per common share for the second quarter increased 37% to $1.58 on 112 million shares versus $1.15 for the same period one year ago on 127 million shares.

"We are very pleased to again report another record breaking quarter highlighted by a 37% increase in diluted earnings per share to $1.58, representing our 18 th consecutive quarter of 15% or greater adjusted diluted earnings per share growth," commented Greg Henslee, President and CEO. "We generated an impressive 6.5% increase in comparable store sales, which exceeded the top end of our quarterly guidance range of 4% to 6%. Our unwavering commitment to providing consistent, excellent customer service drove outstanding sales results across all of our markets. We achieved a record quarterly gross margin of 50.8%, primarily driven by improvements in acquisition costs, product mix and pricing management. Our relentless focus on expense control, along with our strong gross margin results, generated a record quarterly operating margin of 17.3%, which was a 170 basis point improvement over the prior year. We continue to believe in the strength of the long-term demand drivers in our industry, and we are establishing our third quarter comparable store sales guidance at 4% to 6% and reiterating our full-year comparable store sales guidance of 3% to 5%. I would like to take this opportunity to thank each of our 60,000 Team Members for their hard work and commitment to O'Reilly's continued success."

Year-to-Date Financial Results

Sales for the first six months of 2013 increased $208 million, or 7%, to $3.30 billion from $3.09 billion for the same period one year ago. Gross profit for the first six months of 2013 increased to $1.67 billion (or 50.6% of sales) from $1.54 billion (or 49.9% of sales) for the same period one year ago, representing an increase of 8%. SG&A for the first six months of 2013 increased to $1.12 billion (or 34.0% of sales) from $1.05 billion (or 34.0% of sales) for the same period one year ago, representing an increase of 7%.  Operating income for the first six months of 2013 increased to $547 million (or 16.6% of sales) from $491 million (or 15.9% of sales) for the same period one year ago, representing an increase of 11%.

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