SPRINGFIELD, Mo. – O’Reilly Automotive has announced record revenues and earnings for its second quarter ended June 30, 2014.
Sales for the second quarter ended June 30, 2014, increased $132 million, or 8 percent, to $1.85 billion from $1.71 billion for the same period one year ago. Gross profit for the second quarter increased to $951 million (or 51.5 percent of sales) from $872 million (or 50.8 percent of sales) for the same period one year ago, representing an increase of 9 percent.
Operating income for the second quarter increased to $336 million (or 18.2 percent of sales) from $296 million (or 17.3 percent of sales) for the same period one year ago, representing an increase of 14 percent.
Net income for the second quarter increased $29 million, or 16 percent, to $206 million (or 11.1 percent of sales) from $177 million (or 10.3 percent of sales) for the same period one year ago. Diluted earnings per common share for the second quarter increased 21 percent to $1.91 on 108 million shares versus $1.58 for the same period one year ago on 112 million shares.
"We are pleased to once again report a very profitable quarter, highlighted by a 21 percent increase in diluted earnings per share to $1.91, which represents our 22nd consecutive quarter of 15 percent or greater diluted earnings per share growth," said Greg Henslee, O’Reilly’s president and CEO. "Team O’Reilly’s unwavering commitment to providing excellent customer service each day drove an impressive 5.1 percent increase in comparable store sales, which was on top of a very strong 6.5 percent increase in the second quarter last year. The hard work and dedication of our 67,000 team members continues to be the key to our long-term success, and I would like to take this opportunity to thank our team members for their commitment to O’Reilly’s ongoing success."
Year-to-Date Financial Results
Sales for the first six months of 2014 increased $275 million, or 8 percent, to $3.58 billion from $3.30 billion for the same period one year ago. Gross profit for the first six months of 2014 increased to $1.83 billion (or 51.1 percent of sales) from $1.67 billion (or 50.6 percent of sales) for the same period one year ago, representing an increase of 9 percent. SG&A for the first six months of 2014 increased to $1.20 billion (or 33.7 percent of sales) from $1.12 billion (or 34 percent of sales) for the same period one year ago, representing an increase of 7 percent. Operating income for the first six months of 2014 increased to $624 million (or 17.4 percent of sales) from $547 million (or 16.6 percent of sales) for the same period one year ago, representing an increase of 14 percent.
Net income for the first six months of 2014 increased $48 million, or 14 percent, to $380 million (or 10.6 percent of sales) from $331 million (or 10 percent of sales) for the same period one year ago. Diluted earnings per common share for the first six months of 2014 increased 20 percent to $3.52 on 108 million shares versus $2.94 for the same period one year ago on 113 million shares.
Henslee added, "In the first half of 2014, we opened 91 net, new stores across 28 states and are on track to hit our target of 200 net, new stores by the end of the year. Our new distribution center in Naperville, Ill., will begin servicing stores during the third quarter and the relocation of our Lewiston, Maine, distribution center to a new, larger facility in Devens, Mass., is on track to be completed by the end of this year. The investment in these new facilities enhances our already robust distribution infrastructure and allows us to continue to grow our business by providing the best parts availability in our business."
