We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
AutoZone's (AZO) Q4 Earnings & Sales Beat, Profit Up Y/Y
Read MoreHide Full Article
AutoZone Inc. (AZO - Free Report) reported earnings of $40.51 per share in fourth-quarter fiscal 2022, up 13.4% from the prior-year figure of $35.72. The bottom line surpassed the Zacks Consensus Estimate of $38.38 a share. Our estimate for fiscal fourth-quarter 2022 EPS was $37.71. The net sales also grew 8.9% to $5,348.3 million. The top line beat the Zacks Consensus Estimate of $5,143 million. Our estimate for the top line was $5,103.1 million.
In the reported quarter, the domestic commercial sales totaled $1,442.3 million, up from $1,182.6 million recorded in the year-ago period. The domestic same-store sales (sales at stores open at least for a year) rose 6.2%.
The gross profit increased to $2,755.8 million from the prior-year quarter’s $2,567.8 million. The operating profit increased 5.7% year over year to $1,103.8 million.
During the fiscal year ended Aug 27, 2022, AutoZone opened 118 new stores and closed one in the United States, opened 39 stores in Mexico and 20 stores in Brazil. It exited the quarter with 6,168 stores in the United States, 703 in Mexico and 72 in Brazil. The total store count was 6,943 as of Aug 27, 2022.
AutoZone’s inventory improved 21.5% year over year in the reported quarter, led by growth initiatives and inflation. At quarter-end, the inventory per location was $812,000, up from $686,000 a year ago.
Financials and Share Repurchases
AutoZone had cash and cash equivalents of $264.4 million as of Aug 27, 2022, down from $1,171.3 million on Aug 28, 2021. The total debt amounted to $6,122.1 million as of Aug 27, 2022, marking an increase from $5,269.8 million on Aug 28, 2021.
Under its share repurchase program, AutoZone repurchased 474,000 shares of its common stock for $1 billion during the fiscal fourth quarter, at an average price of $2,111 per share. In the fiscal year, AutoZone repurchased 2.2 million shares of its common stock for $4.4 billion at an average price of $1,964 per share. At year-end, it had nearly $1.1 billion remaining under its current share repurchase authorization.
Yamaha has an expected earnings growth rate of 1% for 2023. The Zacks Consensus Estimate for current-year earnings has been revised 11.6% upward in the past 30 days.
Yamaha’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. YAMHF pulled off a trailing four-quarter earnings surprise of 47.95%, on average. The stock has declined 25.9% over the past year.
BorgWarner has an expected earnings rate of 2.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been kept constant in the past 30 days.
BorgWarner’s earnings beat the Zacks growth Consensus Estimate in all the trailing four quarters. BWA pulled off a trailing four-quarter earnings surprise of 29.45%, on average. The stock has declined 10.6% in the past year.
Tesla has an expected earnings growth rate of 76.5% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 1% upward in the past 30 days.
Tesla’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 32.17%, on average. The stock has increased 24.7% in the past year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
AutoZone's (AZO) Q4 Earnings & Sales Beat, Profit Up Y/Y
AutoZone Inc. (AZO - Free Report) reported earnings of $40.51 per share in fourth-quarter fiscal 2022, up 13.4% from the prior-year figure of $35.72. The bottom line surpassed the Zacks Consensus Estimate of $38.38 a share. Our estimate for fiscal fourth-quarter 2022 EPS was $37.71. The net sales also grew 8.9% to $5,348.3 million. The top line beat the Zacks Consensus Estimate of $5,143 million. Our estimate for the top line was $5,103.1 million.
In the reported quarter, the domestic commercial sales totaled $1,442.3 million, up from $1,182.6 million recorded in the year-ago period. The domestic same-store sales (sales at stores open at least for a year) rose 6.2%.
The gross profit increased to $2,755.8 million from the prior-year quarter’s $2,567.8 million. The operating profit increased 5.7% year over year to $1,103.8 million.
AutoZone, Inc. Price, Consensus and EPS Surprise
AutoZone, Inc. price-consensus-eps-surprise-chart | AutoZone, Inc. Quote
Store Opening & Inventory
During the fiscal year ended Aug 27, 2022, AutoZone opened 118 new stores and closed one in the United States, opened 39 stores in Mexico and 20 stores in Brazil. It exited the quarter with 6,168 stores in the United States, 703 in Mexico and 72 in Brazil. The total store count was 6,943 as of Aug 27, 2022.
AutoZone’s inventory improved 21.5% year over year in the reported quarter, led by growth initiatives and inflation. At quarter-end, the inventory per location was $812,000, up from $686,000 a year ago.
Financials and Share Repurchases
AutoZone had cash and cash equivalents of $264.4 million as of Aug 27, 2022, down from $1,171.3 million on Aug 28, 2021. The total debt amounted to $6,122.1 million as of Aug 27, 2022, marking an increase from $5,269.8 million on Aug 28, 2021.
Under its share repurchase program, AutoZone repurchased 474,000 shares of its common stock for $1 billion during the fiscal fourth quarter, at an average price of $2,111 per share. In the fiscal year, AutoZone repurchased 2.2 million shares of its common stock for $4.4 billion at an average price of $1,964 per share. At year-end, it had nearly $1.1 billion remaining under its current share repurchase authorization.
Zacks Rank & Key Picks
AZO carries a Zacks Rank #3 (Hold), currently.
Better-ranked players in the auto space include Yamaha Motor Co. (YAMHF - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and BorgWarner (BWA - Free Report) and Tesla Inc. (TSLA - Free Report) , each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Yamaha has an expected earnings growth rate of 1% for 2023. The Zacks Consensus Estimate for current-year earnings has been revised 11.6% upward in the past 30 days.
Yamaha’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. YAMHF pulled off a trailing four-quarter earnings surprise of 47.95%, on average. The stock has declined 25.9% over the past year.
BorgWarner has an expected earnings rate of 2.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been kept constant in the past 30 days.
BorgWarner’s earnings beat the Zacks growth Consensus Estimate in all the trailing four quarters. BWA pulled off a trailing four-quarter earnings surprise of 29.45%, on average. The stock has declined 10.6% in the past year.
Tesla has an expected earnings growth rate of 76.5% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 1% upward in the past 30 days.
Tesla’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 32.17%, on average. The stock has increased 24.7% in the past year.