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O'Reilly Automotive (ORLY) Tops Q3 EPS by 88c, Comps Rise 16.9%; Raises Buyback by $1B

October 28, 2020 4:35 PM EDT

O'Reilly Automotive (NASDAQ: ORLY) reported Q3 EPS of $7.07, $0.88 better than the analyst estimate of $6.19. Revenue for the quarter came in at $3.21 billion versus the consensus estimate of $2.98 billion.

Third quarter comparable store sales increase of 16.9%, total sales growth of 20.3%.

Today, the Company also announced that its Board of Directors approved a resolution to increase the authorization amount under its share repurchase program by an additional $1.0 billion, raising the aggregate authorization under the program to $14.75 billion.

Greg Johnson, O’Reilly’s CEO and Co-President, commented, “The COVID-19 pandemic continues to present a significant challenge to consumers, and our number one priority continues to be protecting the health and wellness of our Team Members and customers. We are extremely proud of Team O’Reilly’s ongoing hard work and dedication to serving each community where we do business, as well as their ability to deliver another outstanding quarter while providing excellent customer service during these difficult times. Our Team’s tireless efforts resulted in our second consecutive quarter of over 16% comparable store sales growth. Our DIY business was again a larger contributor to our comparable store sales growth; however, our professional business performed very well, again generating comparable store sales above our expectations during the quarter. We were pleased with our strong sales performance throughout the third quarter, and our business has continued to perform very well through the first three weeks of October, generating robust comparable store sales in the low double digits.”

Mr. Johnson further commented, “Our Team’s hard work and commitment to expense control resulted in another extremely profitable quarter, exemplified by our 22.6% operating profit margin, which represents a 249 basis point improvement over the prior year, and a 39.2% increase in diluted earnings per share to $7.07. Through the first nine months of 2020, we also generated significant growth in cash provided by operations and free cash flow, increasing both metrics by over $850 million. We continue to maintain a cautious approach to managing our operating costs in these uncertain economic conditions and remain steadfastly focused on providing the excellent customer service that drives long-term profitable growth. Finally, we would like to thank all of Team O’Reilly for your tremendous determination and relentless dedication to taking care of our customers each day – your countless contributions are absolutely the driver to our ongoing success.”

For earnings history and earnings-related data on O'Reilly Automotive (ORLY) click here.



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