O’Reilly Automotive (ORLY: 38.36 -2.43 -5.96%) showed a 41% rise in profits to 52 cents per share (excluding special items) in the fourth quarter of 2009 from 37 cents (excluding special items) in the same period of 2008. This was a tad higher than the Zacks Consensus Estimate of 51 cents. The company has attributed the results to the impressive consolidated comparable store sales experienced during the quarter as well as continued improvement in gross margin backed by improved purchasing power.
Sales for the quarter elevated 5% to $1.17 billion. Consolidated comparable store sales (change in sales for O’Reilly and CSK stores open at least one year) rose 2.7% during the quarter. Gross profit increased 11% to $570 million (or 48.5% of sales) from $515 million (or 46.2% of sales) in the fourth quarter of 2008.
Annual Results
In 2009, O’Reilly saw a 38% rise in profit to $2.26 per share (excluding special items) from $1.64 (excluding special items) in 2008. The profit was slightly higher then the Zacks Consensus Estimate of $2.24.
Sales in the year elevated 36% to $4.85 billion. O’Reilly has thus exceeded the stated goal of achieving $4 billion in sales by 2010, a year earlier. Consolidated comparable store sales went up 4.6%. Gross profit increased 43% to $2.33 billion (or 48% of sales) from $1.63 billion (or 45.5% of sales) in 2008.
O’Reilly opened as many as six stores during the fourth quarter. This increased the total store count to 3,421 stores as of the year-end. During the year, the company opened 146 stores, almost reaching the annual target of 150 new store openings for the year. Further, the company has opened two distribution centers in the year, leading to a total of 20 distribution centers at year end. It would open three more distribution centers in the first half of 2010.
Financial Position
O’Reilly had cash and cash equivalents of $27 million as of December 31, 2009, a decline from $31 million as of December 31, 2008. Long-term debt was $791 million as of that date. Long-term debt to capitalization ratio stood at 23%.
In 2009, net cash flow from operating activities decreased to $285 million from $299 million in the previous year. Capital expenditures increased to $415 million from $342 million in 2008.
Outlook
O’Reilly has projected earnings per share in the range of 56 cents–60 cents (compatible with the Zacks Consensus Estimate of 59 cents) for the first quarter of 2010 and in the range of $2.50–$2.56 (slightly lower than the Zacks Consensus Estimate of $2.58) for full year 2010. The company expects consolidated comparable store sales to range from 2% to 4% for the first quarter of 2010 and from 3% to 5% for full year 2010.
Sales for the quarter elevated 5% to $1.17 billion. Consolidated comparable store sales (change in sales for O’Reilly and CSK stores open at least one year) rose 2.7% during the quarter. Gross profit increased 11% to $570 million (or 48.5% of sales) from $515 million (or 46.2% of sales) in the fourth quarter of 2008.
Annual Results
In 2009, O’Reilly saw a 38% rise in profit to $2.26 per share (excluding special items) from $1.64 (excluding special items) in 2008. The profit was slightly higher then the Zacks Consensus Estimate of $2.24.
Sales in the year elevated 36% to $4.85 billion. O’Reilly has thus exceeded the stated goal of achieving $4 billion in sales by 2010, a year earlier. Consolidated comparable store sales went up 4.6%. Gross profit increased 43% to $2.33 billion (or 48% of sales) from $1.63 billion (or 45.5% of sales) in 2008.
O’Reilly opened as many as six stores during the fourth quarter. This increased the total store count to 3,421 stores as of the year-end. During the year, the company opened 146 stores, almost reaching the annual target of 150 new store openings for the year. Further, the company has opened two distribution centers in the year, leading to a total of 20 distribution centers at year end. It would open three more distribution centers in the first half of 2010.
Financial Position
O’Reilly had cash and cash equivalents of $27 million as of December 31, 2009, a decline from $31 million as of December 31, 2008. Long-term debt was $791 million as of that date. Long-term debt to capitalization ratio stood at 23%.
In 2009, net cash flow from operating activities decreased to $285 million from $299 million in the previous year. Capital expenditures increased to $415 million from $342 million in 2008.
Outlook
O’Reilly has projected earnings per share in the range of 56 cents–60 cents (compatible with the Zacks Consensus Estimate of 59 cents) for the first quarter of 2010 and in the range of $2.50–$2.56 (slightly lower than the Zacks Consensus Estimate of $2.58) for full year 2010. The company expects consolidated comparable store sales to range from 2% to 4% for the first quarter of 2010 and from 3% to 5% for full year 2010.
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