O REILLY AUTOMOTIVE INC Quarterly Report for Q1 Ended Mar 31, 2015

Summary

O'Reilly Automotive Inc. reported strong financial performance for the first quarter of 2015, with net sales increasing by 10% year-over-year to $1.90 billion. This growth was driven by a 7.2% increase in comparable store sales, indicating robust demand from both DIY and professional customers. Net income saw a significant 22% jump to $213 million, translating to diluted earnings per share of $2.06, up from $1.61 in the prior year's first quarter. The company continues its aggressive expansion strategy, opening 67 net new stores during the quarter, bringing the total store count to 4,433. Operationally, O'Reilly demonstrated improved profitability with gross profit margin increasing to 51.9% from 50.8%, attributed to product acquisition cost improvements and a favorable LIFO impact. Selling, general, and administrative expenses also improved as a percentage of sales, leading to a substantial 22% increase in operating income. The company maintained a strong liquidity position, with $474 million in cash and cash equivalents and no outstanding borrowings under its revolving credit facility, while also actively returning capital to shareholders through share repurchases.

Key Highlights

• 1Net sales increased by 10% to $1.90 billion for the first quarter of 2015.
• 2Comparable store sales grew by 7.2%, demonstrating strong customer demand.
• 3Net income rose by 22% to $213 million, with diluted EPS increasing to $2.06.
• 4The company opened 67 net new stores, expanding its retail footprint to 4,433 locations.
• 5Gross profit margin improved to 51.9% due to cost efficiencies and favorable LIFO impact.
• 6Operating income increased by 22% to $350 million.
• 7The company repurchased $134.8 million of its common stock during the quarter.

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