Despite difficult economic conditions and unfavorable weather conditions in several key markets, O'Reilly Automotive, Inc. has posted favorable earnings for the second quarter, which ended on June 30. This marks 55 consecutive quarters of record revenues, earnings and comparable store sales increases for O'Reilly since becoming a public company in April 1993.
"We're pleased with the effort our Team put into delivering another successful and profitable quarter," says Greg Henslee, O'Reilly's CEO and co-president. "We continue to focus on opportunities to improve our operating efficiency while maintaining our commitment to providing the very best customer service in the industry."
Net income for the second quarter totaled $51.9 million, up 5.2 percent from $49.3 million for the same period in 2006. Diluted earnings per common share for the second quarter of 2007 increased 4.7 percent to $0.45 on 116.1 million shares compared to $0.43 for the second quarter of 2006 on 115.2 million shares. Sales for the three months ended June 30, 2007 totaled $643 million, up 8.8 percent from $591 million for the same period a year ago. Gross profit for the second quarter of 2007 increased to $287 million (or 44.7 percent of sales) from $261 million (or 44.1 percent of sales) for the second quarter of 2006, representing an increase of 10.1 percent. Operating, Selling, General and Administrative (OSG&A) expenses increased to $206 million (or 32.0 percent of sales) for the second quarter of 2007 from $183 million (or 30.9 percent of sales) for the second quarter of 2006, representing an increase of 12.6 percent.
Net income for the first six months of 2007 totaled $100.3 million, up 11.6 percent from $89.9 million for the same period a year ago. Diluted earnings per common share for the first six months of 2007 increased 11.5 percent to $0.87 on 115.9 million shares compared to $0.78 a year ago on 114.9 million shares. Sales for the first six months of 2007 totaled $1.26 billion, up 11.4 percent from $1.13 billion for the same period a year ago. Gross profit for the first six months of 2007 increased to $556 million (or 44.3 percent of sales) from $494 million (or 43.8 percent of sales) for the same period a year ago, representing an increase of 12.6 percent . OSG&A expenses increased to $398 million (or 31.7 percent of sales) for the first six months of 2007 from $351 million (or 31.1 percent of sales) for the same period a year ago, representing an increase of 13.3 percent.
Comparable store sales for stores open at least one year increased 2.0 percent and 4.3 percent for the second quarter and first six months of 2007, respectively.
"Team O'Reilly continues to focus on growth opportunities with the opening of 44 net new stores in the second quarter, including our first stores in Ohio," says Ted Wise, O'Reilly's COO and Co-President. "We have also completed the successful relocation of our Minnesota distribution center to a larger, state-of-the-art facility, which will allow us to further expand in the upper Midwest."
For more information about the company's second quarter earnings, visit its Web site.
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