O'Reilly Automotive, Inc. Reports Third Quarter 2008 Results
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SPRINGFIELD, Mo. October 29, 2008: ’Reilly Automotive, Inc. (“O’Reilly” or “the Company”) today announced revenues and earnings for the third quarter ended September 30, 2008.
Sales for the three months ended September 30, 2008, totaled $1.11 billion, up 68% from $0.66 billion for the same period a year ago. Gross profit for the third quarter of 2008 increased to $507 million (or 45.6% of sales) from $294 million (or 44.4% of sales) for the third quarter of 2007, representing an increase of 73%. Selling, General and Administrative expenses increased to $415 million (or 37.3% of sales) for the third quarter of 2008 from $211 million (or 31.9% of sales) for the third quarter of 2007, representing an increase of 97%. Net income for the third quarter ended September 30, 2008, totaled $41.4 million, down 22% from $53.1 million for the same period in 2007. Diluted earnings per common share for the third quarter of 2008 decreased 33% to $0.31 on 133.1 million shares compared to $0.46 for the third quarter of 2007 on 116.3 million shares.
Sales for the first nine months of 2008 totaled $2.46 billion, up 28% from $1.92 billion for the same period a year ago. Gross profit for the first nine months of 2008 increased to $1.11 billion (or 45.2% of sales) from $850 million (or 44.3% of sales) for the same period a year ago, representing an increase of 31%. Selling, General and Administrative expenses increased to $858 million (or 34.8% of sales) for the first nine months of 2008 from $609 million (or 31.7% of sales) for the same period a year ago, representing an increase of 41%. Net income for the first nine months of 2008 totaled $144 million, down 6% from $153 million for the same period a year ago. Diluted earnings per common share for the first nine months of 2008 decreased 11% to $1.18 on 122.1 million shares compared to $1.32 a year ago on 116.0 million shares.
The Company’s third quarter results include charges related to the July 11, 2008, acquisition of CSK Automotive, Inc. (“CSK”). These charges include one-time costs for the prepayment and extinguishment of existing O’Reilly debt, commitment fees for an unused interim financing facility, a one-time adjustment to tax liabilities resulting from the acquisition of CSK and a non-cash charge to amortize the value assigned to CSK’s trade names and trademarks, which will be amortized over the next two and a half years coinciding with the anticipated conversion of CSK store locations. Adjusted diluted earnings per share, excluding the impact of acquisition related charges, was $0.40 and $1.27 for the third quarter and first nine months of 2008, reflecting decreases of 13% and 4%, respectively, from the same periods a year ago.