SPRINGFIELD, Mo. — O’Reilly Automotive has announced record revenues and earnings for the second quarter ended June 30.
Sales for the second quarter increased $98 million, or 7 percent, to $1.48 billion from $1.38 billion for the same period one year ago.
Gross profit for the second quarter increased to $719 million (or 48.6 percent of sales) from $673 million (or 48.7 percent of sales) for the same period one year ago, representing an increase of 7 percent.
Net income for the second quarter increased $34 million, or 34 percent, to $134 million (or 9 percent of sales) from $100 million (or 7.2 percent of sales) for the same period one year ago. Diluted earnings per common share for the second quarter increased 35 percent to 96 cents on 140 million shares versus 71 cents for the same period one year ago on 141 million shares.
As previously announced, the company’s results for the three months ended June 30, 2010, included a charge related to the legacy United States Department of Justice (DOJ) investigation of CSK Auto Corp. into CSK’s pre-acquisition historical accounting practices. A one-time monetary penalty of $20.9 million will be paid to the DOJ upon completion of an agreement among the DOJ, CSK and O’Reilly. In anticipation of execution of the agreement, the company accrued $15 million during the second quarter of 2010 and an additional $5.9 million during the third quarter ended Sept. 30, 2010.
