O’REILLY AUTOMOTIVE, INC. REPORTS FOURTH QUARTER AND
FULL-YEAR 2013 RESULTS AND ANNOUNCES ADDITIONAL $500 MILLION SHARE REPURCHASE AUTHORIZATION
23% increase in fourth quarter diluted earnings per share to $1.40
Fourth quarter comparable store sales increase of 5.4%
Full-year record operating margin of 16.6%
Aggregate authorization under share repurchase program increased to $4.0 billion
Springfield, MO, February 5, 2014 – O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenues and earnings for its fourth quarter and full year ended December 31, 2013. The results represent 21 consecutive years of comparable store sales growth and record revenue and operating income for O’Reilly since becoming a public company in April of 1993.
4th Quarter Financial Results
Sales for the fourth quarter ended December 31, 2013, increased $133 million, or 9%, to $1.62 billion from $1.49 billion for the same period one year ago. Gross profit for the fourth quarter increased to $819 million (or 50.5% of sales) from $750 million (or 50.4% of sales) for the same period one year ago, representing an increase of 9%. Selling, general and administrative expenses (“SG&A”) for the fourth quarter increased to $564 million (or 34.8% of sales) from $527 million (or 35.4% of sales) for the same period one year ago, representing an increase of 7%. Operating income for the fourth quarter increased to $256 million (or 15.8% of sales) from $223 million (or 15.0% of sales) for the same period one year ago, representing an increase of 15%.
Net income for the fourth quarter ended December 31, 2013, increased $20 million, or 15%, to $152 million (or 9.4% of sales) from $133 million (or 8.9% of sales) for the same period one year ago. Diluted earnings per common share for the fourth quarter increased 23% to $1.40 on 109 million shares versus $1.14 for the same period one year ago on 116 million shares.
“We are very pleased to report we finished 2013 with another strong quarter of record-breaking results. Thanks to the continued hard work of Team O’Reilly, we generated a 23% increase in diluted earnings per share for the fourth quarter, which represents our 20th consecutive quarter of 15% or greater adjusted diluted earnings per share growth,” commented Greg Henslee, the Company’s President and CEO. “Our dedicated Team Members delivered a comparable store sales increase of 5.4% for the fourth quarter, which exceeded our expectations. Our Team’s continued focus on expense management and profitable growth resulted in a record breaking fourth quarter operating margin of 15.8%. I would like to take this opportunity to thank the 62,000 members of Team O’Reilly for their dedication and hard work and congratulate them on another record-breaking quarter. Our Team’s commitment to providing consistently excellent customer service remains the key to our current and long-term success.”
The following information was filed by O Reilly Automotive Inc (ORLY) on Thursday, February 6, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: ORLY CIK: 898173 Form Type: 10-K Annual Report Accession Number: 0000898173-14-000064 Submitted to the SEC: Fri Feb 28 2014 1:02:01 PM EST Accepted by the SEC: Fri Feb 28 2014 Period: Tuesday, December 31, 2013 Industry: Retail Auto And Home Supply Stores