To the delight of its shareholders, O'Reilly Automotive, Inc.’s (ORLY Quick QuoteORLY - Free Report) board approved an increase in the share repurchase authorization program by an additional $1 billion. This raised the aggregate authorization under the program to $12.75 billion.

O’Reilly is a leading specialty retailer of automotive aftermarket parts, tools, supplies, equipment and accessories in the United States. The company sells products to Do-it-Yourself (DIY) customers and Do-it-for-Me (DIFM) or professional installers. Strong cash flow aids O’Reilly to pursue an aggressive share-repurchase policy, which continues to boost earnings per share. In the first quarter of 2019, the company repurchased 0.9 million shares for $322 million. In 2018, it bought back 6.1 million shares for $1.71 billion.

The additional $1 billion authorization is effective for a three-year period, beginning on May 31, 2019.  In first-quarter 2019, O’Reilly’s adjusted earnings per share were $4.05, marking 12% rise from $3.61 in the prior-year quarter. However, the figure missed the Zacks Consensus Estimate of $4.06.

A few other stocks in the auto space are Ford Motor Company (F Quick QuoteF - Free Report) , Fox Factory Holding Corp. (FOXF Quick QuoteFOXF - Free Report) and Cummins Inc. (CMI Quick QuoteCMI - Free Report) . Ford, Fox Factory and Cummins have expected long-term growth rates of 7.3%, 16.4% and 8%, respectively.

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