AutoZone Drives Earnings Growth Higher for 31st Straight Quarter
AutoZone reported a profit of $8.46 a share for the third quarter, beating analyst estimates by 2 cents. Revenue rose more than 6% to $2.34 billion, in line with expectations.
AutoZone reported a profit of $8.46 a share for the third quarter, beating analyst 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 thirty-first consecutive quarter of double digit earnings per share growth. In a note following the results, Oppenheimer research analysts called AutoZone "one of the best run and most capital-disciplined chains in Retail." Oppenheimer has a Perform rating on the stock with a $540 price target.
