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AutoZone Beats on Higher Sales
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ShareAutoZone Inc. (AZO) announced fiscal third-quarter earnings of $3.13 per share, topping the average forecast by 24 cents.
Sales grew 9% to $1.7 billion, with domestic same-store sales rising 7% as customers opted to repair existing vehicles during this recession rather than buy new ones.
AutoZone also noted that lower fuel prices, compared to last year, helped boost performance.
The fiscal full-year earnings estimate increased 3 cents over the past month to $11.29 per share. Next-year's average forecast also moved up 3 cents in that time to $12.55 per share.
AZO, a Zacks #3 Rank ("Hold") stock, has declined approximately 5% today on heavier-than-usual volume of about 2.9 million, against average daily volume of a little more than 1 million.
Read the full analyst report on AZO
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