SPRINGFIELD, MO — O’Reilly Automotive announced record revenues and earnings for the second quarter of 2004, representing 43 quarters of record revenues and earnings for O’Reilly since becoming a public company in April 1993.
Net income for the second quarter, which ended on June 30, totaled $32.7 million, up 21.3 percent from $26.9 million for the same period in 2003. Diluted earnings per share for the second quarter of 2004 increased 18 percent to 59 cents on 55.7 million shares compared to 50 cents for the second quarter of 2003 on 54.2 million shares. Product sales for the second quarter totaled $435.2 million, up 10.7 percent from $393.1 million for the same period a year ago. Gross profit for the second quarter of 2004 increased to $187.8 million (or 43.2 percent of product sales) from $165.7 million (or 42.2 percent of product sales) for the second quarter of 2003, representing an increase of 13.3 percent.
Net income for the first six months of 2004 totaled $59.8 million, up 28.1 percent from $46.7 million for the same period a year ago. Diluted earnings per common share for the first six months of 2004 increased 25.6 percent to $1.08 on 55.6 million shares compared to 86 cents a year ago on 54.0 million shares. Product sales for the first six months of 2004 totaled $838.5 million, up 14.5 percent from $732.6 million for the same period a year ago. Gross profit for the first six months of 2004 increased to $357.1 million (or 42.6 percent of product sales) from $306.7 million (or 41.9 percent of product sales) for the same period a year ago, representing an increase of 16.5 percent.
Comparable store product sales for stores open at least one year increased 3.8 percent and 7.8 percent for the second quarter and first six months of 2004, respectively.
“We are pleased with our overall performance this quarter,” said David O’Reilly, co-chairman and CEO. “Despite unusually high amounts of rainfall in the South and significantly cooler temperatures throughout our markets, we posted a 3.8 percent increase in comparable store product sales for the quarter. We continue to generate positive free cash flow and ended the quarter with $88 million in cash.”
For more information, go to: www.oreillyauto.com.
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