O'Reilly Automotive gains after raising FY forecast

OReilly Automotive

26/10/2023 16:47

** Shares of auto parts distributor O'Reilly Automotive
 ORLY.O  gain 4.8% to $916.8, set for best single-day
performance in nearly 18 months, if gains hold 
    ** ORLY forecasts FY revenue between $15.7 and $15.8 bln, up
from previously issued $15.4 bln-$15.7 bln
    ** Raises FY earnings in the range of $37.8 to $38.3 from
$37.05 to $37.55 per share earlier on the back of solid
do-it-yourself (DIY) same-store sales growth 
    ** Consumers turn to buying replacement auto parts due to
high interest rates on purchase of new cars, boosting sales in
DIY business for auto part sellers
    ** ORLY reports Q3 rev of $4.2 bln vs $3.8 bln year earlier,
profit of $10.72 compared with $9.17 a year earlier
    ** Stock up 8.6% YTD, including session's gain

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))