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AutoZone (AZO) Q3 Earnings and Sales Top Estimates, Down Y/Y
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AutoZone, Inc. (AZO - Free Report) has delivered earnings of $14.39 per share in the third quarter of fiscal 2020 (ended May 9, 2020), down from the prior-year quarter figure of $15.99. The reported figure, however, surpassed the Zacks Consensus Estimate of $13.82. Net income declined 15.5% year over year to $342.9 million.
In the fiscal third quarter, net sales slid 0.14% year over year to $2.78 billion. Yet, the top line surpassed the Zacks Consensus Estimate of $2.72 billion.
Domestic commercial sales totaled $573.8 million, down from the $614.8 million recorded in the year-ago quarter. Domestic same-store sales (sales at stores open at least for a year) edged down 1% year over year.
Gross profit decreased to $1,490.6 million from the prior-year quarter’s $1,492 million. Operating profit also went down to $491.7 million from the $547.5 million registered in the year-ago period.
During the fiscal third quarter, AutoZone opened 21 stores in the United States, two in Mexico and none in Brazil. It exited the quarter with 5,836 stores in the United States, 610 in Mexico and 38 in Brazil. The total store count was 6,484 as of May 9, 2020.
AutoZone’s inventory improved 2.7% year over year in the reported quarter on store openings and increased product placement. At the end of the quarter, inventory per location was $685,000, down from the year-ago figure of $688,000.
Financials and Share Repurchases
AutoZone had cash and cash equivalents of $509.12 million as of May 9, 2020, up from $174.1 million as of May 4, 2019. Total debt amounted to $5,418.3 million as of May 9,2020, marking an increase from $5,151.9 million as of May 4, 2019.
In the fiscal third quarter, AutoZone repurchased 156,000 shares for $166.1 million at an average price of $1,064 per share. At the end of this period, the company had shares worth $796 million remaining in the current repurchase authorization. However, the company temporarily suspended its share-repurchase program on the coronavirus scare.
Zacks Rank & Stocks to Consider
AutoZone currently carries a Zacks Rank #3 (Hold).
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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AutoZone (AZO) Q3 Earnings and Sales Top Estimates, Down Y/Y
AutoZone, Inc. (AZO - Free Report) has delivered earnings of $14.39 per share in the third quarter of fiscal 2020 (ended May 9, 2020), down from the prior-year quarter figure of $15.99. The reported figure, however, surpassed the Zacks Consensus Estimate of $13.82. Net income declined 15.5% year over year to $342.9 million.
In the fiscal third quarter, net sales slid 0.14% year over year to $2.78 billion. Yet, the top line surpassed the Zacks Consensus Estimate of $2.72 billion.
Domestic commercial sales totaled $573.8 million, down from the $614.8 million recorded in the year-ago quarter. Domestic same-store sales (sales at stores open at least for a year) edged down 1% year over year.
Gross profit decreased to $1,490.6 million from the prior-year quarter’s $1,492 million. Operating profit also went down to $491.7 million from the $547.5 million registered in the year-ago period.
AutoZone, Inc. Price, Consensus and EPS Surprise
AutoZone, Inc. price-consensus-eps-surprise-chart | AutoZone, Inc. Quote
Store Opening & Inventory
During the fiscal third quarter, AutoZone opened 21 stores in the United States, two in Mexico and none in Brazil. It exited the quarter with 5,836 stores in the United States, 610 in Mexico and 38 in Brazil. The total store count was 6,484 as of May 9, 2020.
AutoZone’s inventory improved 2.7% year over year in the reported quarter on store openings and increased product placement. At the end of the quarter, inventory per location was $685,000, down from the year-ago figure of $688,000.
Financials and Share Repurchases
AutoZone had cash and cash equivalents of $509.12 million as of May 9, 2020, up from $174.1 million as of May 4, 2019. Total debt amounted to $5,418.3 million as of May 9,2020, marking an increase from $5,151.9 million as of May 4, 2019.
In the fiscal third quarter, AutoZone repurchased 156,000 shares for $166.1 million at an average price of $1,064 per share. At the end of this period, the company had shares worth $796 million remaining in the current repurchase authorization. However, the company temporarily suspended its share-repurchase program on the coronavirus scare.
Zacks Rank & Stocks to Consider
AutoZone currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same sector are Veoneer, Inc. , Unique Fabricating, Inc. and Tesla, Inc. (TSLA - Free Report) , each carrying a Zacks Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>