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TheStreet Open House

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

  • 28% increase in third quarter diluted earnings per share to $1.69
  • Third quarter comparable store sales increase of 4.6%
  • Record high quarterly operating margin of 17.4%

SPRINGFIELD, Mo., Oct. 23, 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 third quarter ended September 30, 2013.

3 rd Quarter Financial Results

Sales for the third quarter ended September 30, 2013, increased $126 million, or 8%, to $1.73 billion from $1.60 billion for the same period one year ago. Gross profit for the third quarter increased to $879 million (or 50.9% of sales) from $805 million (or 50.3% of sales) for the same period one year ago, representing an increase of 9%. Selling, general and administrative expenses ("SG&A") for the third quarter increased to $579 million (or 33.5% of sales) from $542 million (or 33.9% of sales) for the same period one year ago, representing an increase of 7%. Operating income for the third quarter increased to $300 million (or 17.4% of sales) from $263 million (or 16.4% of sales) for the same period one year ago, representing an increase of 14%.

Net income for the third quarter ended September 30, 2013, increased $27 million, or 17%, to $186 million (or 10.8% of sales) from $159 million (or 9.9% of sales) for the same period one year ago. Diluted earnings per common share for the third quarter increased 28% to $1.69 on 110 million shares versus $1.32 for the same period one year ago on 121 million shares.

Commenting on the Company's third quarter results, President and CEO, Greg Henslee, stated, "We are proud to report another very profitable quarter which represents our 19 th consecutive quarter of 15% or greater adjusted diluted earnings per share growth. Our Team's relentless dedication to providing consistent, unsurpassed levels of customer service resulted in our industry-leading comparable store sales growth of 4.6%. We continue to focus on long-term profitable growth, and our unwavering efforts to control expenses allowed us to deliver a record quarterly operating margin of 17.4%, which is a 100 basis point improvement over the third quarter of 2012, and drove a 28% increase in diluted earnings per share to $1.69. We remain very committed to the disciplined execution of our proven model of serving both retail and professional service provider customers, and I want to thank each of our Team Members for their hard work and commitment to our continued success."

Year-to-Date Financial Results

Sales for the first nine months of 2013 increased $334 million, or 7%, to $5.03 billion from $4.69 billion for the same period one year ago.  Gross profit for the first nine months of 2013 increased to $2.55 billion (or 50.7% of sales) from $2.35 billion (or 50.0% of sales) for the same period one year ago, representing an increase of 9%.  SG&A for the first nine months of 2013 increased to $1.70 billion (or 33.8% of sales) from $1.59 billion (or 33.9% of sales) for the same period one year ago, representing an increase of 7%.  Operating income for the first nine months of 2013 increased to $848 million (or 16.9% of sales) from $754 million (or 16.1% of sales) for the same period one year ago, representing an increase of 12%.

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