Auto parts firm O'Reilly raises annual profit outlook on robust demand

OReilly Automotive

25/10/2023 22:49

Oct 25 (Reuters) - Auto parts distributor O'Reilly
Automotive Inc  ORLY.O  raised its full-year profit outlook on
the back of robust do-it-yourself (DIY) comparable store sales
growth.
    High interest rates on the purchase of newer cars have
forced consumers to turn to buying replacement parts for their
ageing vehicles, significantly boosting sales in the DIY
business for auto parts sellers.
    O'Reilly CEO Greg Johnson said the company's consistent
execution of its proven dual market strategy and excellent
customer service resulted in another quarter of mid-teen
professional and solid DIY comparable store sales growth.
    The Springfield, Missouri-based company now expects
full-year 2023 profit between $37.80 and $38.30 per share, up
from its prior outlook of $37.05 to $37.55.
    O'Reilly now sees FY revenue between $15.7 billion and $15.8
billion, up from a prior view of $15.4 billion and $15.7
billion.
    The company reported profit of $10.72 per share for the
quarter ended Sept. 30, up from $9.17 per share a year ago.
    Revenue also rose to $4.20 billion, from $3.80 billion in
the previous year.

 (Reporting by Raechel Thankam Job and Amna Karimi in Bengaluru;
Editing by Shailesh Kuber)
 ((RaechelThankam.Job@thomsonreuters.com;
amna.karimi@thomsonreuters.com))