O'Reilly Automotive lowers full year outlook as demand for some auto parts softens

OReilly Automotive

23/10/2024 23:06

Oct 23 (Reuters) - Auto Parts distributor O'Reilly
Automotive Inc  ORLY.O   tightened its full-year profit and
sales expectations on Wednesday as customers cut back on
purchases of some non-essential auto parts, sending shares down
2.7% after the bell.
    Demand remained weak in the company's accessory categories
and certain under-car parts, such as brake systems and
suspensions.
    O'Reilly cut its comparable store sales growth expectation
for the full year to between 2.0% and 3.0% from prior forecast
of 2.0% to 4.0%.
        The Springfield, Missouri-based company trimmed its 2024
sales and profit forecast, and now expects full-year profit of
$40.60 to $41.10 per share, below analysts' expectation of
$41.14 per share, according to LSEG data.
  
    The parts seller also forecast 2024 sales to be between
$16.6 billion and $16.8 billion, marginally below estimates.
    O'Reilly's third-quarter profit and sales also fell short of
analysts' estimates as softer demand weighed on professional and
DIY businesses.
     It reported a profit per share of $11.41 and sales of $4.36
billion for the quarter ended September 30.
    

 (Reporting by Raechel Thankam Job; Editing by Tasim Zahid)
 ((RaechelThankam.Job@thomsonreuters.com;))