Summary
O'Reilly Automotive, Inc. (ORLY) reported record revenues and earnings for the first quarter of 2003, marking their 38th consecutive quarter of record performance as a public company. Net income grew by 18.5% to $19.7 million, with diluted EPS increasing 19.4% to $0.37. Total product sales saw a significant jump of 14.9% to $339.5 million. The company demonstrated strong operational efficiency with comparable store sales increasing by 6.2%, and a notable reduction in Operating, Selling, General and Administrative (OSG&A) expenses as a percentage of product sales. O'Reilly also generated $25.2 million in free cash flow during the quarter. Expansion remains a key focus, with 30 new stores opened in the quarter and plans to open 130 new stores throughout the year, with a strategic emphasis on southeastern markets.
Key Highlights
- 1Record first quarter sales of $339.5 million, an increase of 14.9% year-over-year.
- 2Net income rose 18.5% to $19.7 million, and diluted EPS increased 19.4% to $0.37.
- 3Comparable store sales grew by a healthy 6.2% for the first quarter.
- 4OSG&A expenses as a percentage of product sales decreased by 130 basis points due to cost control initiatives.
- 5Generated $25.2 million in free cash flow for the first quarter of 2003.
- 6Opened 30 new stores and plans to open 130 new stores in 2003, with a focus on southeastern markets.
- 7Company achieved 38 consecutive quarters of record revenues and earnings since going public in 1993.