© Reuters.
By Sam Boughedda
Investing.com — O’Reilly Automotive (NASDAQ:) shares fell 8.31% after reporting its first-quarter earnings after hours Wednesday.
First-quarter revenue was $3.3 billion, which missed forecasts of $3.32 billion, although it grew 7% compared to the prior year. Earnings per share came in at $7.17, which also missed estimates of $7.49.
The company said that historically its first quarter can be volatile due to weather impacts from winter conditions, and this year was no exception, with choppiness in the business coinciding with rough weather at the beginning of the quarter and other macroeconomic pressures.
“We are pleased to report another profitable quarter, highlighted by a 4.8% increase in comparable store sales, which is on top of the record 24.8% comparable store sales growth we delivered in the first quarter last year, resulting in an incredible comparable store sales two-year stacked increase of 29.6%,” said O’Reilly’s President and CEO Greg Johnson.
The company repurchased 1.2 million shares during the first quarter for $775 million.
The company sees total revenue for 2022 between $14.2 billion and $14.5 billion, with comparable stores sales predicted to grow 5% to 7%.
In addition, O’Reilly said its CFO Tom McFall will step down and be replaced by Jeremy Fletcher, the company’s senior VP of finance and controller.
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