SPRINGFIELD, Mo. O’Reilly Automotive has announced record revenues and earnings for the fourth quarter and year ended Dec. 31, 2010. The results represent 18 consecutive years of comparable store sales growth and record revenue and operating income for O’Reilly since becoming a public company in April 1993.
Sales for the fourth quarter increased $137 million, or 12 percent, to $1.31 billion from $1.17 billion for the same period a year ago. Gross profit for the fourth quarter also increased to $637 million (or 48.6 percent of sales) from $570 million (or 48.5 percent of sales) for the same period a year ago, representing an increase of 12 percent.
Operating income for the fourth quarter increased to $164 million (or 12.5 percent of sales) from $125 million (or 10.7 percent of sales) for the same period a year ago, representing an increase of 31 percent.
Net income for the fourth quarter totaled $106 million (or 8.1 percent of sales), up 47 percent from $72 million (or 6.1 percent of sales) for the same period a year ago.
“O’Reilly finished the year with a very strong fourth quarter as we, again, delivered record-breaking revenues and earnings,” said Greg Henslee, CEO and co-president. “We achieved comparable store sales growth of 9.2 percent for the fourth quarter which drove an increase of 33 percent in adjusted earnings per share, resulting in our eighth consecutive quarter of double digit earnings growth. In November, we converted our acquired Phoenix distribution center to the O’Reilly systems and simultaneously converted the final 151 CSK stores to our point-of-sale system. With these conversions, all acquired CSK stores now have same-day or overnight access to O’Reilly’s broad range of hard parts product offerings, marking a significant milestone in the CSK integration process. Through the consistent execution of our proven dual market strategy and with the support of our robust distribution network, we continue to profitably grow market share in all the markets we serve.”
Sales for the year ended Dec. 31, 2010, increased $550 million, or 11 percent, compared to $5.4 billion from $4.85 billion for the year ended Dec. 31, 2009. Gross profit for the year increased to $2.62 billion (or 48.6 percent of sales) from $2.33 billion (or 48 percent of sales) for the year ended Dec. 31, 2009, representing an increase of 13 percent.