O’Reilly Automotive reported third-quarter sales of $3.48 billion, an 8% year-over-year increase.
Comparable-store sales for the quarter were up 6.7%, on the heels of a 17% year-over-year increase in third-quarter 2020.
Net income for the third quarter, which ended Sept. 30, increased 6% to $559 million. Diluted earnings per common share increased 14% to $8.07 on 69 million shares, versus $7.07 on 75 million shares for the same period one year ago.
“This represents the sixth consecutive quarter our team has delivered double-digit diluted earnings-per-share growth,” O’Reilly CEO Greg Johnson said. “Team O’Reilly’s continued commitment to providing consistently excellent customer service, while diligently executing our safety protocols in the midst of the ongoing pandemic, is truly remarkable, and I would like to thank each member of our Team for their extraordinary dedication and hard work.”
Sales for the first nine months of 2021 were $10 billion, up 14% compared to the first nine months of 2020.
“The top-line strength we experienced through the first three quarters of the year has continued thus far in October, and we expect to generate continued solid sales volumes as we finish out 2021,” Johnson said. “Our performance is a testament to the value proposition delivered by our dedicated team, and we are confident in Team O’Reilly’s ability to provide excellent customer service and drive continued outstanding results; as a result, we are increasing our full-year 2021 comparable-store sales guidance to a range of 10% to 12%, which reflects our strong year-to-date performance and our expectations for the remainder of the fourth quarter.”
Through the first nine months of 2021, O’Reilly opened 146 net new stores across 40 U.S. states. The company now expects to open as many as185 net new stores in 2022.
