NEW YORK (TheStreet) -- Car parts retailer AutoZone reported better-than-expected profit for the fiscal third quarter on revenue that came in line with estimates. President and CEO Bill Rhodes called the period the company's 31st consecutive quarter of double-digit earnings per share growth.
Shares of car parts retailer AutoZone (AZO) were slipping in Tuesday trading despite the company's better-than-expected fiscal third-quarter profit.
AutoZone reported a profit of $8.46 a share for the quarter, beating analysts' estimates by 2 cents, according to Thomson Reuters. Revenue rose more than 6% to $2.34 billion, in line with expectations. The quarter included the launch of 30 new stores in the U.S. and seven new stores in Mexico. President and CEO Bill Rhodes called the period the company's 31st consecutive quarter of double-digit earnings per share growth.
In a note following the results, Oppenheimer research analysts said, "We look upon the fiscal third quarter results that AutoZone reported today as quite solid. Comp sales rose a modestly better than planned 4%. We believe that AutoZone and the after-market auto parts retail sector are benefiting from recent unfavorable winter weather. AutoZone represents one of the best run and most capital-disciplined chains in Retail." Oppenheimer has a Perform rating on the stock with a 12-18 month price target of $540.
At last check, shares of AutoZone were down almost 2% to $530.79.
In New York, I'm Brittany Umar for TheStreet.
-- Written by Brittany Umar in New York.