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Sep 30, 2023
O'Reilly Auto Q3 2023 Earnings Report
O'Reilly Automotive reported record revenue and earnings, driven by strong comparable store sales growth and diluted earnings per share increase.
Key Takeaways
O'Reilly Automotive, Inc. announced record revenue and earnings for Q3 2023. Comparable store sales grew by 8.7%, and diluted earnings per share increased by 17% to $10.72. The company raised its full-year 2023 comparable store sales guidance to a range of 7.0% to 8.0%.
Comparable store sales increased by 8.7%.
Diluted earnings per share rose by 17% to $10.72.
Sales for the quarter increased by 11% to $4.20 billion.
The company is raising its full-year 2023 comparable store sales guidance to a range of 7.0% to 8.0%.
Forward Guidance
O'Reilly Automotive updated its full-year 2023 guidance, expecting total revenue between $15.7 billion and $15.8 billion, and diluted earnings per share between $37.80 and $38.30.
Positive Outlook
- Net, new store openings are projected to be between 180 and 190.
- Comparable store sales are expected to grow by 7.0% to 8.0%.
- Gross profit as a percentage of sales is estimated to be between 50.8% and 51.3%.
- Operating income as a percentage of sales is projected to be between 19.8% and 20.3%.
- Net cash provided by operating activities is expected to be between $2.8 billion and $3.2 billion.
Challenges Ahead
- The company faces challenging sales comparisons in the fourth quarter.
- Capital expenditures are projected to be between $900 million and $950 million.
- Free cash flow is expected to be between $1.9 billion and $2.2 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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