Summary
O'Reilly Automotive, Inc. (ORLY) reported its second quarter 2007 financial results, continuing a streak of 55 consecutive quarters of record revenues and comparable store sales increases since its IPO. The company announced a 8.8% increase in sales, reaching $643 million, and a 5.2% rise in net income to $51.9 million. Diluted earnings per share also saw a 4.7% increase to $0.45. Key operational highlights include a 2.0% increase in comparable store sales and the opening of 44 net new stores, including its entry into Ohio. The company also successfully relocated its Minnesota distribution center to a larger facility. Despite challenging economic conditions and unfavorable weather in some markets, O'Reilly demonstrated solid performance driven by a focus on operating efficiency and customer service. The report also includes a balance sheet and income statement for the quarter and year-to-date, along with selected financial metrics.
Key Highlights
- 1O'Reilly Automotive achieved 55 consecutive quarters of record revenues and comparable store sales increases.
- 2Second quarter 2007 sales increased by 8.8% to $643 million.
- 3Net income rose 5.2% to $51.9 million, with diluted EPS up 4.7% to $0.45.
- 4Comparable store sales increased by 2.0% for the second quarter.
- 5The company opened 44 net new stores in the second quarter, expanding into Ohio.
- 6A new, larger distribution center in Minnesota was successfully relocated.
- 7Gross profit margin improved slightly to 44.7% from 44.1% year-over-year.