O'Reilly increases share repurchase program to $3B

The O'Reilly Automotive Inc. Board of Directors has approved a resolution increasing the authorization amount for its share repurchase program by $500 million, bumping the total to $3 billion.

The additional $500 million is effective for a three-year period beginning Nov. 12. Stock repurchases will be made based on factors such as market prices and conditions, according to a news release.

The Springfield-based auto parts company (Nasdaq: ORLY) launched its share repurchase program in January 2011, and with yesterday's move, has extended it five times.

During the third quarter ending Sept. 30, O'Reilly repurchased 6.4 million shares of its common stock at an average price of $84.76 per share, for an investment of $539 million. The company increased its third-quarter earnings 7.3 percent to $159.3 million, and at the end of the latest quarter, O'Reilly's assets were $5.8 billion, according to Springfield Business Journal archives.

As of 8:34 a.m., O'Reilly's shares were trading at $88.32, compared to a 52-week range of $73.90 to $107.13.[[In-content Ad]]