8-KOther Events

O REILLY AUTOMOTIVE INC 8-K Report (Apr 24, 2003)

Filed April 24, 2003For Securities:ORLY

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.

Frequently Asked Questions

O'Reilly Automotive reported record revenues and earnings for Q1 2003. Net income was $19.7 million (up 18.5% from Q1 2002), and diluted EPS was $0.37 (up 19.4%). Total product sales reached $339.5 million, a 14.9% increase year-over-year.

Comparable store sales, which represent stores open for at least one year, increased by 6.2% in the first quarter of 2003. This indicates solid underlying sales growth across its existing store base.

O'Reilly is actively expanding, opening 30 new stores in the first quarter. They plan to open a total of 130 new stores in 2003, with a significant portion (60-70%) slated for their southeastern markets. As of March 31, 2003, the company operated 1,011 stores.

Yes, the company highlighted successful cost control initiatives. Operating, Selling, General and Administrative (OSG&A) expenses decreased by 130 basis points as a percentage of product sales in Q1 2003 compared to Q1 2002, demonstrating improved operational efficiency.