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AutoZone (AZO) Maintains Its Beat Streak in Q2 Earnings
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AutoZone Inc. (AZO - Free Report) reported earnings of $24.64 per share for second-quarter fiscal 2023, up 10.5% year over year. Earnings surpassed the Zacks Consensus Estimate of $21.33 per share. Net sales grew 9.5% to $3,690.9 million. The top line beat the Zacks Consensus Estimate of $3,539 million.
In the reported quarter, domestic commercial sales totaled $954.6 million, up from $843.8 million recorded in the year-ago period. Domestic same-store sales (sales at stores open at least for a year) rose 5.3%. Gross profit increased to $1,930 million from the prior-year quarter’s figure of $1,785 million. Operating profit slipped 6.9% year over year to $670 million.
During the quarter ended Feb 11, AutoZone opened 30 new stores in the United States, one in Mexico and five in Brazil. It exited the quarter with 6,226 stores in the United States, 707 in Mexico and 81 in Brazil. The total store count was 7,014 as of Feb 11.
AutoZone’s inventory increased 13.9% year over year in the reported quarter, led by growth initiatives and inflation. At quarter-end, the inventory per location was negative $227,000 compared with negative $198,000 a year ago.
Financials and Share Repurchases
As of Feb 11, 2023, AutoZone had cash and cash equivalents of $301.3 million, up from $239.4 million on Feb 12, 2022. The total debt amounted to $7,042.3 million as of Feb 11, marking an increase from $5,840.8 million on Feb 12, 2022.
Under its share repurchase program, AutoZone repurchased 372,000 shares of its common stock for $906 million during the fiscal second quarter of 2023, at an average price of $2,434 per share. At quarter-end, it had nearly $1.8 billion remaining under its current share repurchase authorization.
Peer Releases
O’Reilly Automotive (ORLY - Free Report) reported fourth-quarter 2022 results on Feb 8. Adjusted earnings per share of $8.37 surpassed the Zacks Consensus Estimate of $7.71. Higher-than-expected comps growth resulted in the outperformance. Comps grew 9% in the reported quarter and topped the Zacks Consensus Estimate of 4.07%. The bottom line increased 10% from $7.64 in the prior-year quarter.
The automotive parts retailer registered quarterly revenues of $3.64 billion, crossing the consensus mark of $3.51 billion. The top line was 11% higher than the prior-year figure of $3.29 million. During the quarter, O’Reilly opened 20 new stores in the United States and 14 in Mexico. The total store count was 5,971 as of Dec 31, 2022.
Advance Auto Parts (AAP - Free Report) reported fourth-quarter 2022 results today. Adjusted earnings of $2.88 per share were up 39.1% from the year-ago quarter figure. The reported figure also topped the Zacks Consensus Estimate of $2.41 a share. Advance Auto generated net revenues of $2,473.7 million, which came ahead of the Zacks Consensus Estimate of $2,421.8 million and inched up 3.2% from the year-ago reported figure.
As of Dec 31, 2022, AAP operated 4,770 stores and 316 Worldpac branches in the United States, Canada, Puerto Rico and U.S. Virgin Islands. It also served 1,311 independently-owned Carquest-branded stores across these locations, in addition to Mexico and various Caribbean Islands.
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AutoZone (AZO) Maintains Its Beat Streak in Q2 Earnings
AutoZone Inc. (AZO - Free Report) reported earnings of $24.64 per share for second-quarter fiscal 2023, up 10.5% year over year. Earnings surpassed the Zacks Consensus Estimate of $21.33 per share. Net sales grew 9.5% to $3,690.9 million. The top line beat the Zacks Consensus Estimate of $3,539 million.
In the reported quarter, domestic commercial sales totaled $954.6 million, up from $843.8 million recorded in the year-ago period. Domestic same-store sales (sales at stores open at least for a year) rose 5.3%. Gross profit increased to $1,930 million from the prior-year quarter’s figure of $1,785 million. Operating profit slipped 6.9% year over year to $670 million.
AZO currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AutoZone, Inc. Price, Consensus and EPS Surprise
AutoZone, Inc. price-consensus-eps-surprise-chart | AutoZone, Inc. Quote
Store Opening & Inventory
During the quarter ended Feb 11, AutoZone opened 30 new stores in the United States, one in Mexico and five in Brazil. It exited the quarter with 6,226 stores in the United States, 707 in Mexico and 81 in Brazil. The total store count was 7,014 as of Feb 11.
AutoZone’s inventory increased 13.9% year over year in the reported quarter, led by growth initiatives and inflation. At quarter-end, the inventory per location was negative $227,000 compared with negative $198,000 a year ago.
Financials and Share Repurchases
As of Feb 11, 2023, AutoZone had cash and cash equivalents of $301.3 million, up from $239.4 million on Feb 12, 2022. The total debt amounted to $7,042.3 million as of Feb 11, marking an increase from $5,840.8 million on Feb 12, 2022.
Under its share repurchase program, AutoZone repurchased 372,000 shares of its common stock for $906 million during the fiscal second quarter of 2023, at an average price of $2,434 per share. At quarter-end, it had nearly $1.8 billion remaining under its current share repurchase authorization.
Peer Releases
O’Reilly Automotive (ORLY - Free Report) reported fourth-quarter 2022 results on Feb 8. Adjusted earnings per share of $8.37 surpassed the Zacks Consensus Estimate of $7.71. Higher-than-expected comps growth resulted in the outperformance. Comps grew 9% in the reported quarter and topped the Zacks Consensus Estimate of 4.07%. The bottom line increased 10% from $7.64 in the prior-year quarter.
The automotive parts retailer registered quarterly revenues of $3.64 billion, crossing the consensus mark of $3.51 billion. The top line was 11% higher than the prior-year figure of $3.29 million. During the quarter, O’Reilly opened 20 new stores in the United States and 14 in Mexico. The total store count was 5,971 as of Dec 31, 2022.
Advance Auto Parts (AAP - Free Report) reported fourth-quarter 2022 results today. Adjusted earnings of $2.88 per share were up 39.1% from the year-ago quarter figure. The reported figure also topped the Zacks Consensus Estimate of $2.41 a share. Advance Auto generated net revenues of $2,473.7 million, which came ahead of the Zacks Consensus Estimate of $2,421.8 million and inched up 3.2% from the year-ago reported figure.
As of Dec 31, 2022, AAP operated 4,770 stores and 316 Worldpac branches in the United States, Canada, Puerto Rico and U.S. Virgin Islands. It also served 1,311 independently-owned Carquest-branded stores across these locations, in addition to Mexico and various Caribbean Islands.