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O'Reilly Automotive, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $4,364,437,000 from $4,203,380,000 in the same quarter the previous year. The increase is attributed to a rise in average ticket values and sales from new and acquired stores.
Cost of goods sold for the quarter was $2,113,212,000, representing 48.4% of sales, compared to 48.6% in the same quarter of the previous year. This decrease in cost ratio is due to improved acquisition costs.
The company reported a gross profit of $2,251,225,000 for the quarter, compared to $2,160,463,000 in the previous year, with the increase attributed to higher comparable store sales.
Selling, general, and administrative expenses increased to $1,354,497,000 from $1,263,241,000, primarily due to additional Team Members and vehicles to support increased sales and store count.
Net income for the quarter was $665,464,000, up from $649,827,000 in the previous year. Earnings per share-basic increased to $11.47 from $10.82 in the previous year.
Cash provided by operating activities was $2,425,089,000, while cash used in investing and financing activities was $883,608,000 and $1,704,093,000, respectively.
O'Reilly had a working capital of $5,698,287,000 as of September 30, 2024. The company continues to focus on expanding its store network and enhancing its distribution infrastructure.
The filing also details the acquisition of Groupe Del Vasto (ORLY-0.72%), marking O'Reilly's entry into the Canadian automotive aftermarket.
O'Reilly does not anticipate cash dividend payments to common stockholders in the near future.
The company remains in compliance with all debt covenants and continues to execute its share repurchase program.
O'Reilly highlights its dual market strategy, serving both DIY customers and professional service providers, as a key driver of growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the O'Reilly Automotive Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.