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O'Reilly Automotive recorded lower net income but higher sales in the second quarter.
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O'Reilly Automotive recorded lower net income but higher sales in the second quarter.

O'Reilly Auto profits dip 1.5% in Q2

Posted online

O'Reilly Automotive Inc. (Nasdaq: ORLY) recorded mixed results during the second quarter.

Profits for the Springfield-based auto parts retailer dipped by 1.5% to $576.8 million from $585.5 million in second-quarter 2021, according to a news release. Earnings per diluted share moved up to $8.78 from $8.33 per share a year earlier.

Revenue during the quarter was $3.7 billion, a 6% increase. Comparable store sales were up 4.3%, on top of 9.9% growth in second-quarter 2021.

“We continue to be very pleased with the strong growth in our professional business, which performed in line with our expectations for the second quarter, while our DIY business faced more pronounced pressure from the impact of high fuel prices and continued significant broad-based inflation," President and CEO Greg Johnson said in the release. "Even facing these macroeconomic challenges, we are pleased with the strong sales volumes our team is generating in 2022, against comparisons to record comparable store sales results the last two years."

O'Reilly Automotive ended the quarter with $12.1 billion in assets, according to the release. The company's store count grew to 5,900 from 5,732 locations in the same quarter last year.

For the quarter, O'Reilly Automotive's earnings and revenue were lower than expected by analysts through Zacks Investment Research Inc.

ORLY shares were trading at $677.66 as of 8:54 a.m., compared with a 52-week range of $562.90 to $748.68 per share.


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