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O'Reilly reports strong start to year

Published On: Apr 24 2014 08:12:19 AM CDT
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SPRINGFIELD, Mo. -

Springfield-based O’Reilly Automotive reports 2014 is off to a great start. The company announced record revenues and earnings for its first quarter ended March 31.

Sales for the first quarter increased $143 million, or 9%, to $1.73 billion from $1.59 billion for the same period one year ago. Gross profit for the first quarter increased to $878 million (or 50.8% of sales) from $799 million (or 50.4% of sales) for the same period one year ago, representing an increase of 10%. Selling, general and administrative expenses ("SG&A") for the first quarter increased to $591 million (or 34.2% of sales) from $548 million (or 34.5% of sales) for the same period one year ago, representing an increase of 8%. Operating income for the first quarter increased to $287 million (or 16.6% of sales) from $251 million (or 15.8% of sales) for the same period one year ago, representing an increase of 14%.

Net income for the first quarter increased $20 million, or 13%, to $174 million (or 10.1% of sales) from $154 million (or 9.7% of sales) for the same period one year ago. Diluted earnings per common share for the first quarter increased 18% to $1.61 on 108 million shares versus $1.36 for the same period one year ago on 113 million shares.

President and CEO, Greg Henslee said it will be a tough act to follow. He points out 2013’s strong second quarter, and the fact that the Easter holiday fell in the middle of the second quarter this year.