O'Reilly Automotive misses second-quarter estimates on softer demand

OReilly Automotive

24/07/2024 23:27

July 24 (Reuters) - Auto parts distributor O'Reilly
Automotive  ORLY.O  on Wednesday reported lower-than-expected
results for the second quarter as demand weakened, sending its
shares down about 2% after the bell.
    The auto industry remains bogged down by higher expenses due
to supply chain snags and labor costs.
    "Despite the challenges we have seen in the demand
environment in the first half of 2024, we believe our industry's
long-term drivers for demand remain strong," CEO Brad Beckham
said.
    Its comparable store sales increased 2.3% for the quarter
ended June 30, compared with 9% for the same period a year ago.
    The Springfield, Missouri-based company reported a net
income of $10.55 per share, compared with analysts' average
estimate of $11.09 per share, according to LSEG data.    
    Its sales of about $4.3 billion was marginally lower than
estimates.
    
    

 (Reporting by Nathan Gomes in Bengaluru; Editing by Devika
Syamnath)
 ((Nathan.Gomes@thomsonreuters.com;))