O'Reilly Automotive Inc. said profit and sales rose in the fiscal second quarter as consumers spent government stimulus paychecks and discretionary income on fixing their cars and driving on the road as Covid-19-spurred lockdown measures lifted.
"There were several positive macroeconomic factors that supported the strong demand in our industry in the second quarter, including, among others, the government stimulus and unemployment benefits and the re-opening of consumer activity as stay-at-home orders began lifting," said Chief Executive Greg Johnson in prepared remarks.
The specialty retailer of automotive aftermarket parts said net profit was $531.7 million, or $7.10 a share, up from $353.7 million, or $4.56 a share, a year earlier. Analysts polled by FactSet expected GAAP earnings of $4.46 a share.
General, selling and administrative expenses rose 3.5% to $900.7 million.
Sales rose nearly 20% from a year ago to $3.09 billion, ahead of analysts' projections of $2.66 billion.
Same-store sales increased by 16% from a year ago.
Write to Kimberly Chin at kimberly.chin@wsj.com
"auto" - Google News
July 30, 2020 at 04:23AM
https://ift.tt/2CZTXZT
O'Reilly stock up 6% as auto-parts demand rises - MarketWatch
"auto" - Google News
https://ift.tt/2Xb9Q5a
https://ift.tt/2SvsFPt
Bagikan Berita Ini
0 Response to "O'Reilly stock up 6% as auto-parts demand rises - MarketWatch"
Post a Comment