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Advance Auto Parts Reports Second Quarter 2023 Results


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ADVANCE AUTO PARTS REPORTS SECOND QUARTER 2023 RESULTS

 

Q2 Net Sales Increased 0.8% to $2.7 Billion; Comparable Store Sales Decreased 0.6%

Operating Income of $134.4 Million; Operating Income Margin of 5.0%

Separately Announces Leadership Appointments

Initiated Comprehensive Operational and Strategic Review

RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, announced its financial results for the second quarter ended July 15, 2023. The company also announced that it has initiated a comprehensive operational and strategic review.

Tom Greco, president and chief executive officer, said, “I want to thank the entire Advance family for their dedication and focus on serving our customers in the second quarter while we continued to execute against our priorities to improve operational performance. Profitability in the quarter was below expectations, primarily related to our inability to price to cover inflation. However, we began to see early signs that the strategic investments we are making are beginning to drive an improvement in topline sales and transactions. This is evidenced by positive comparable store sales growth in the final four weeks of the second quarter, which has continued into the third quarter.”

Gene Lee, interim executive chair, continued, “Since expanding my role to serve as interim executive chair and partnering more closely with Tom and the leadership team, I have taken a deeper dive into the business and our strategy. As we look to the balance of 2023, we are updating our full-year guidance. We recognize that there is significant work to be done to improve execution across the business and are conducting a comprehensive operational and strategic review to position Advance for long-term success and increase shareholder value. Importantly, as announced separately today, we have identified Advance’s next CEO and look forward to welcoming Shane O’Kelly, an accomplished executive with extensive operational and supply chain experience. The board will work with Shane and the management team to ensure Advance is taking the right steps to build a stronger, more resilient business for the benefit of all stakeholders.”

Second Quarter 2023 Results (1)

Second quarter of 2023 Net sales totaled $2.7 billion, a 0.8% increase compared with the second quarter of the prior year, primarily driven by new store openings. This was partially offset by a decline of comparable store sales of 0.6%.

Gross profit decreased 3.2% to $1.1 billion. Gross profit margin was 42.7% of Net sales compared with 44.5% of Net sales in the second quarter of the prior year. This was primarily driven by higher product costs and supply chain deleverage that were not fully covered by pricing actions, partially offset by a reduction in LIFO-related expenses.

SG&A expenses were $1.0 billion, which were 37.7% of Net sales compared with 36.9% in the second quarter of the prior year. This was primarily driven by inflation within labor and benefit-related expenses.

The company's Operating income was $134.4 million, or 5.0% of Net sales, compared with 7.6% in the second quarter of the prior year.

The company's effective tax rate was 25.9%, compared with 24.3% in the second quarter of the prior year. The company's Diluted EPS was $1.43, compared with $2.38 in the second quarter of the prior year.

Net cash used in operating activities was $164.6 million through the second quarter of 2023 versus $308.5 million provided by operating activities in the same period of the prior year. The decrease was primarily driven by lower Net income and an increase in cash used in working capital, primarily in Accounts payable. Free cash flow through the second quarter of 2023 was an outflow of $309.4 million compared with an inflow of $97.3 million in the same period of the prior year.

(1) All comparisons are based on the same time period in the prior year. Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.

Capital Allocation

On August 7, 2023, the company declared a regular cash dividend of $0.25 per share to be paid on October 27, 2023 to all common stockholders of record as of October 13, 2023.

Full Year 2023 Guidance

Tony Iskander, interim chief financial officer, said, “We are updating our full-year guidance, which considers a modest step up in net and comparable store sales growth driven by strengthening of our professional business. However, we are reducing our outlook for operating income margin rate, diluted earnings per share and free cash flow. This reflects additional headwinds anticipated in the back half of the year driven by our ongoing commitment to maintain competitive price targets, impacts from a shift in channel mix and investments in our team to help retain top talent.”

 

Prior FY 2023 Outlook

 

Updated FY 2023 Outlook

 

As of May 31, 2023

 

As of August 23, 2023

($ in millions, except per share data)

Low

 

High

 

Low

 

High

Net sales

$

11,200

 

 

$

11,300

 

 

$

11,250

 

 

$

11,350

 

Comparable store sales (1)

 

(1.0

)%

 

 

%

 

 

(0.5

)%

 

 

0.5

%

Operating income margin

 

5.0

%

 

 

5.3

%

 

 

4.0

%

 

 

4.3

%

Income tax rate

 

24.0

%

 

 

25.0

%

 

 

25.0

%

 

 

25.0

%

Diluted EPS

$

6.00

 

 

$

6.50

 

 

$

4.50

 

 

$

5.10

 

Capital expenditures

$

250

 

 

$

300

 

 

$

200

 

 

$

250

 

Free cash flow (2)

$

200

 

 

$

300

 

 

$

150

 

 

$

250

 

New store and branch openings

 

40

 

 

 

60

 

 

 

40

 

 

 

60

 

(1)

 

Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.

(2)

 

Free cash flow is a non-GAAP measure. For a better understanding of the company's non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables included herein.

Investor Conference Call

The company will detail its results for the second quarter ended July 15, 2023 via a webcast scheduled to begin at 8 a.m. Eastern Time on Wednesday, August 23, 2023. The webcast will be accessible via the Investor Relations page of the company's website (

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).

To join by phone, please 

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 for dial-in and passcode information. Upon registering, participants will receive a confirmation with call details and a registrant ID. While registration is open through the live call, the company suggests registering a day in advance or at minimum 10 minutes before the start of the call. A replay of the conference call will be available on the company's Investor Relations website for one year.

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of July 15, 2023 Advance operated 4,790 stores and 319 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,307 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at 

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.

Forward-Looking Statements

Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about our leadership transition, strategic initiatives, operational plans and objectives, our planned strategic and operational review and expectations for economic conditions, future business results and future financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect our views based on historical results, current information and assumptions related to future developments. Except as may be required by law, we undertake no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, factors related to the company’s leadership transition, the timing and implementation of strategic initiatives, our ability to hire, train and retain qualified employees, deterioration of general macroeconomic conditions, the highly competitive nature of our industry, demand for our products and services, complexities in our inventory and supply chain and challenges with transforming and growing our business. Please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by our subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.

Advance Auto Parts, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands) (unaudited)

 

 

July 15,

2023 (1)

 

December 31, 2022 (2)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

277,064

 

$

269,282

Receivables, net

 

793,772

 

 

698,613

Inventories, net

 

5,067,467

 

 

4,915,262

Other current assets

 

188,169

 

 

163,695

Total current assets

 

6,326,472

 

 

6,046,852

Property and equipment, net

 

1,688,891

 

 

1,690,139

Operating lease right-of-use assets

 

2,618,822

 

 

2,607,690

Goodwill

 

991,871

 

 

990,471

Other intangible assets, net

 

606,450

 

 

620,901

Other assets

 

71,870

 

 

62,429

Total assets

$

12,304,376

 

$

12,018,482

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

3,780,215

 

$

4,123,462

Accrued expenses

 

685,191

 

 

634,447

Current portion of long-term debt

 

95,000

 

 

185,000

Other current liabilities

 

465,972

 

 

427,480

Total current liabilities

 

5,026,378

 

 

5,370,389

Long-term debt

 

1,785,074

 

 

1,188,283

Noncurrent operating lease liabilities

 

2,249,994

 

 

2,278,318

Deferred income taxes

 

432,680

 

 

415,997

Other long-term liabilities

 

87,063

 

 

87,214

Total stockholders' equity

 

2,723,187

 

 

2,678,281

Total liabilities and stockholders’ equity

$

12,304,376

 

$

12,018,482

(1)

 

This preliminary condensed consolidated balance sheet has been prepared on a basis consistent with the company's previously prepared consolidated balance sheets filed with the Securities and Exchange Commission (“SEC”), but does not include the footnotes required by accounting principles generally accepted in the United States of America (“GAAP”).

(2)

 

The balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date, but does not include the footnotes required by GAAP.

Advance Auto Parts, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share data) (unaudited)

 

 

 

 

 

 

Twelve Weeks Ended

 

Twenty-Eight Weeks Ended

 

July 15, 2023 (1)

 

July 16, 2022 (1)

 

July 15, 2023 (1)

 

July 16, 2022 (1)

Net sales

$

2,686,066

 

 

$

2,665,426

 

 

$

6,103,659

 

 

$

6,039,636

 

Cost of sales, including purchasing and warehousing costs

 

1,537,997

 

 

 

1,479,707

 

 

 

3,484,927

 

 

 

3,347,397

 

Gross profit

 

1,148,069

 

 

 

1,185,719

 

 

 

2,618,732

 

 

 

2,692,239

 

Selling, general and administrative expenses (2)

 

1,013,701

 

 

 

984,037

 

 

 

2,394,365

 

 

 

2,287,287

 

Operating income

 

134,368

 

 

 

201,682

 

 

 

224,367

 

 

 

404,952

 

Other, net:

 

 

 

 

 

 

 

Interest expense

 

(20,869

)

 

 

(10,207

)

 

 

(50,587

)

 

 

(23,075

)

Loss on early redemption of senior unsecured notes

 

 

 

 

 

 

 

 

 

 

(7,408

)

Other income (expense), net

 

1,684

 

 

 

(711

)

 

 

1,009

 

 

 

(575

)

Total other, net

 

(19,185

)

 

 

(10,918

)

 

 

(49,578

)

 

 

(31,058

)

Income before provision for income taxes

 

115,183

 

 

 

190,764

 

 

 

174,789

 

 

 

373,894

 

Provision for income taxes

 

29,821

 

 

 

46,362

 

 

 

46,776

 

 

 

89,701

 

Net income

$

85,362

 

 

$

144,402

 

 

$

128,013

 

 

$

284,193

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

1.44

 

 

$

2.39

 

 

$

2.16

 

 

$

4.67

 

Weighted-average common shares outstanding

 

59,451

 

 

 

60,452

 

 

 

59,384

 

 

 

60,914

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

1.43

 

 

$

2.38

 

 

$

2.15

 

 

$

4.63

 

Weighted-average common shares outstanding

 

59,604

 

 

 

60,782

 

 

 

59,570

 

 

 

61,328

 

(1)

 

These preliminary condensed consolidated statements of operations have been prepared on a basis consistent with the company's previously prepared consolidated statements of operations filed with the SEC, but do not include the footnotes required by GAAP.

(2)

 

The twenty-eight weeks ended July 15, 2023 included an out-of-period charge of approximately $17 million related to costs incurred in prior years but not expensed in the corresponding periods. The company determined the cumulative impact was not material to the current period or any previously issued financial statements.

Advance Auto Parts, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands) (unaudited)

 

 

 

 

 

Twenty-Eight Weeks Ended

 

July 15, 2023 (1)

 

July 16, 2022 (1)

Cash flows from operating activities:

 

 

 

Net income

$

128,013

 

 

$

284,193

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

162,974

 

 

 

148,691

 

Share-based compensation

 

26,791

 

 

 

29,345

 

Loss and impairment on property and equipment, net

 

859

 

 

 

2,970

 

Loss on early redemption of senior unsecured notes

 

 

 

 

7,408

 

Provision for deferred income taxes

 

16,249

 

 

 

8,779

 

Other, net

 

1,170

 

 

 

1,575

 

Net change in:

 

 

 

Receivables, net

 

(93,539

)

 

 

(149,255

)

Inventories, net

 

(145,148

)

 

 

(176,300

)

Accounts payable

 

(346,808

)

 

 

168,219

 

Accrued expenses

 

120,888

 

 

 

(46,887

)

Other assets and liabilities, net

 

(36,008

)

 

 

29,805

 

Net cash (used in) provided by operating activities

 

(164,559

)

 

 

308,543

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(144,874

)

 

 

(211,212

)

Proceeds from sales of property and equipment

 

1,532

 

 

 

830

 

Net cash used in investing activities

 

(143,342

)

 

 

(210,382

)

Cash flows from financing activities:

 

 

 

Borrowings under credit facilities

 

4,327,000

 

 

 

743,000

 

Payments on credit facilities

 

(4,417,000

)

 

 

(643,000

)

Borrowings on senior unsecured notes

 

599,571

 

 

 

348,618

 

Payments on senior unsecured notes

 

 

 

 

(201,081

)

Dividends paid

 

(179,347

)

 

 

(245,599

)

Repurchases of common stock

 

(13,808

)

 

 

(466,169

)

Other, net

 

(2,013

)

 

 

(1,329

)

Net cash provided by (used in) financing activities

 

314,403

 

 

 

(465,560

)

Effect of exchange rate changes on cash

 

1,280

 

 

 

6,522

 

Net increase (decrease) in cash and cash equivalents

 

7,782

 

 

 

(360,877

)

Cash and cash equivalents, beginning of period

 

269,282

 

 

 

601,428

 

Cash and cash equivalents, end of period

$

277,064

 

 

$

240,551

 

(1)

 

These preliminary condensed consolidated statements of cash flows have been prepared on a consistent basis with the company's previously prepared statements of cash flows filed with the SEC, but do not include the footnotes required by GAAP.

Reconciliation of Non-GAAP Financial Measure

The company's financial results include certain financial measures not derived in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses Free cash flow as a measure of its liquidity and believes it is a useful indicator to investors or potential investors of the company's ability to implement growth strategies and service debt. Free cash flow is a non-GAAP measure and should be considered in addition to, but not as a substitute for, information contained in the company's condensed consolidated statement of cash flows as a measure of liquidity.

Reconciliation of Free Cash Flow:

 

Twenty-Eight Weeks Ended

(in thousands)

July 15, 2023

 

July 16, 2022

Cash flows (used in) provided by operating activities

$

(164,559

)

 

$

308,543

 

Purchases of property and equipment

 

(144,874

)

 

 

(211,212

)

Free cash flow

$

(309,433

)

 

$

97,331

 

Adjusted Debt to Adjusted EBITDAR: (1)

 

 

 

 

 

 

Four Quarters Ended

 

(In thousands, except adjusted debt to adjusted EBITDAR ratio)

July 15,

2023

 

 

December 31, 2022

 

Total GAAP debt

$

1,880,074

 

 

$

1,373,283

 

Add: Operating lease liabilities

 

2,705,388

 

 

 

2,692,861

 

Adjusted debt

$

4,585,462

 

 

$

4,066,144

 

 

 

 

 

 

 

GAAP Net income

$

345,692

 

 

$

501,872

 

Depreciation and amortization

 

298,083

 

 

 

283,800

 

Interest expense

 

78,572

 

 

 

51,060

 

Other expense, net

 

5,412

 

 

 

6,996

 

Provision for income taxes

 

103,890

 

 

 

146,815

 

Rent expense

 

596,537

 

 

 

594,838

 

Share-based compensation

 

48,424

 

 

 

50,978

 

Other non-cash charges

 

17,725

 

 

 

 

Adjusted EBITDAR

$

1,494,335

 

 

$

1,636,359

 

 

 

 

 

 

 

Adjusted Debt to Adjusted EBITDAR

 

3.1

 

 

 

2.5

 

(1)

 

Beginning in first quarter 2023, the company no longer excludes transformation-related activities in non-GAAP measures. Prior period has been recast to conform to current year presentation.

NOTE: Management believes its Adjusted Debt to Adjusted EBITDAR ratio (“leverage ratio”) is a key financial metric for debt securities, as reviewed by rating agencies, and believes its debt levels are best analyzed using this measure. The company’s goal is to maintain an investment grade rating. The company's credit rating directly impacts the interest rates on borrowings under its existing credit facility and could impact the company's ability to obtain additional funding. If the company was unable to maintain its investment grade rating this could negatively impact future performance and limit growth opportunities. Similar measures are utilized in the calculation of the financial covenants and ratios contained in the company's financing arrangements. The leverage ratio calculated by the company is a non-GAAP measure and should not be considered a substitute for debt to net earnings, net earnings or debt as determined in accordance with GAAP. The company adjusts the calculation to remove rent expense and to add back the company’s existing operating lease liabilities related to their right-of-use assets to provide a more meaningful comparison with the company’s peers and to account for differences in debt structures and leasing arrangements. The company’s calculation of its leverage ratio might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures by other companies.

Store Information

During the twenty-eight weeks ended July 15, 2023, 39 stores and branches were opened and 16 were closed or consolidated, resulting in a total of 5,109 stores and branches as of July 15, 2023, compared with a total of 5,086 stores and branches as of December 31, 2022.

The below table summarizes the changes in the number of company-operated store and branch locations during the twelve and twenty-eight weeks ended July 15, 2023:

 

 

Twelve Weeks Ended

 

 

AAP

 

CARQUEST

 

WORLDPAC (1)

 

Total

April 22, 2023

 

4,456

 

322

 

318

 

5,096

New

 

17

 

 

1

 

18

Closed

 

(2)

 

(3)

 

 

(5)

July 15, 2023

 

4,471

 

319

 

319

 

5,109

 

 

Twenty-Eight Weeks Ended

 

 

AAP

 

CARQUEST

 

WORLDPAC (1)

 

Total

December 31, 2022

 

4,440

 

330

 

316

 

5,086

New

 

36

 

 

3

 

39

Closed

 

(5)

 

(11)

 

 

(16)

July 15, 2023

 

4,471

 

319

 

319

 

5,109

There were no consolidated, converted or relocated stores during the twelve and twenty-eight weeks ended July 15, 2023.

(1) Certain converted Autopart International ("AI") locations will remain branded as AI going forward.

 

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Investor Relations Contact:
Elisabeth Eisleben
T: (919) 227-5466
E: [email protected]

Media Contact:
Darryl Carr
T: (984) 389-7207
E: [email protected]

Source: Advance Auto Parts, Inc.

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      Balance Sheet, Cash Flow and Capital Allocation
      The company generated cash flow from operations of $318 million for the first three months of 2024. We used $178 million in cash for investing activities, including $116 million for capital expenditures and $135 million for M&A. We also used $175 million in cash for financing activities, including $133 million for quarterly dividends paid to shareholders and $38 million for stock repurchases. Free cash flow was $203 million for the first three months of 2024. Refer to the reconciliation of GAAP net cash provided by operating activities to free cash flow for more information.
      The company ended the quarter with $2.5 billion in total liquidity, consisting of $1.5 billion availability on the revolving credit facility and $1.0 billion in cash and cash equivalents.
      2024 Outlook
      The company is updating full-year 2024 guidance previously provided in its earnings release on February 15, 2024. The company considered its recent business trends and financial results, current growth plans, strategic initiatives, global economic outlook, geopolitical conflicts and the potential impact on results in updating its guidance, which is outlined in the table below.

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    • By Counterman
      Women in Auto Care is introducing its revamped Connection Circle, Women of the World. The event will take place the first Wednesday of every month beginning in May. 
      “Join Dunya and Ellonyia as they host this engaging connection circle to discuss ways in which women can strengthen their visibility and amplify their roles within the automotive industry! The goal of this connection circle is to break barriers and challenge global stereotypes,” the announcement on LinkedIn said.
      The goal is to unite women from every corner of the globe to inspire, support, and network. Together, we’ll amplify voices, break barriers, and forge meaningful connections, Women in Auto Care posted.

      link hidden, please login to view will take place on May 1at 12 p.m. CST. The post
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    • By NAPA
      Christian Eckes orchestrated complete dominance at Martinsville Speedway by sweeping both stages en route to his second victory of the season on Friday night. The driver of the No. 19 Adaptive One Calipers Chevrolet Silverado RST scored the maximum 60 points and pocketed seven playoff points to make a massive swing in the NASCAR CRAFTSMAN Truck Series point standings. He gained two positions to fourth in the standings and is only 11 markers out of the lead.
      Eckes displayed considerable pace by positing the third-quickest lap in practice and qualified on the outside of the front row on Friday afternoon. He made a statement at the drop of the green flag by using the outside lane to take the lead on the initial start. During the first 50-lap stage, Eckes methodically paced the field and asserted his dominance. Following a restart on lap 37, Eckes pulled away to comfortably take the Stage 1 win along with 10 points and one playoff bonus point.
      Crew chief Charles Denike kept Eckes on track to maintain the No. 19 team’s track position and set up a one-stop strategy. Eckes picked up where he left off in Stage 1 on the lap 61 restart. He jumped out to another quick lead and cleanly executed two additional restarts during the second stage to tally 10 points and a second playoff bonus point for leading at lap 100. Under the ensuing stage caution, Denike brought Eckes to pit road for his only four-tire pit stop of the evening and made a minor air pressure adjustment.
      As several trucks stayed on track with alternative pit strategies, Eckes lined up 19th on lap 110. During the second half of the race, Eckes conducted a masterclass in slicing through traffic. It only took him 11 laps to crack the top-10 and was back inside the top five by lap 142. On lap 165, Eckes arrived on the doorstep of the lead and took the runner-up position. Shortly thereafter, he reclaimed the lead with a power move on the outside for the second time on the night. Two cautions over the final 23 laps forced Eckes to execute crucial restarts to defend the race lead, which he did with complete authority. He led the final three-lap dash to the checkered flag and captured his first Martinsville win and grandfather clock by a margin of 0.64 seconds.
      “Something really special,” Eckes said of the victory. “It hasn’t been an easy regular season so far, to say the least. We came here and we weren’t that great last year, maybe a sixth-place truck. We worked really hard on it and here we are in victory lane. So, just super proud of everyone on this team. Huge thanks to Adaptive One Calipers, NAPA Auto Care, Gates Hydraulics, all of our partners, and Chevrolet. It’s a good day to be in victory lane. Can’t wait for that clock!”
      Start / Finish: 2 / 1
      Points Standing / Total: 4th / 237 pts. (-11)
      Next Race: Friday, April 12, Texas Motor Speedway
      How to Watch or Listen: 8:30 p.m. ET on FS1, MRN or SiriusXM
      NAPA: 
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      Christian Eckes:  link hidden, please login to view
      Bill McAnally Racing / McAnally-Hilgemann Racing:  link hidden, please login to view The post
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    • By Rade
      Hello, does anyone know name of company who put that sticker on goods?
      Via that company can order every part from OE for Vw Audi Skoda Seat Bmw Mercedes Porsche Land Rover and same..
       

    • A-premium Auto Parts:5% OFF with Code GM5.
    • By OReilly Auto Parts
      SPRINGFIELD, Mo., April 01, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, announces the release date for its first quarter 2024 results as Wednesday, April 24, 2024, with a conference call to follow on Thursday, April 25, 2024.
      The Company’s first quarter 2024 results will be released after 3:30 p.m. Central Time on Wednesday, April 24, 2024, and can be viewed, at that time, on the Company’s website at  link hidden, please login to view by clicking on “Investor Relations” and then “News Room.”
      Investors are invited to listen to the Company’s conference call discussing the financial results for the first quarter of 2024, on Thursday, April 25, 2024, at 10:00 a.m. Central Time, via webcast on the Company’s website at  link hidden, please login to view by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (888) 506-0062 and the conference call identification number is 193896. A replay of the conference call will be available on the Company’s website through April 24, 2025.
      About O’Reilly Automotive, Inc.
      O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at  link hidden, please login to view for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of December 31, 2023, the Company operated 6,157 stores across 48 U.S. states, Puerto Rico, and Mexico.
       
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