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• Revenue Growth: Q4 sales increased by 5% to $3.83 billion, and full-year sales rose by 10% to $15.81 billion.
• Net Income: Q4 net income grew by 5% to $553 million, while full-year net income increased by 8% to $2.35 billion.
• Earnings Per Share: Diluted earnings per share for Q4 were up 11% to $9.26, with a full-year increase of 15% to $38.47.
• Comparable Store Sales: Q4 saw a 3.4% increase, contributing to a 7.9% rise for the full year.
• Expansion: 186 new stores opened in 2023, with entry into Puerto Rico and a new distribution center in Mexico.
• Share Repurchase: ORLY repurchased 3.6 million shares in 2023, investing $3.15 billion.
• 2024 Guidance: Projected total revenue of $16.8 billion to $17.1 billion with a comparable store sales increase of 3.0% to 5.0%.
released its 8-K filing on February 7, 2024, announcing record revenue and earnings for the fourth quarter and full year of 2023. This marks the 31st consecutive year of comparable store sales growth for the company since its public debut in April 1993. O’Reilly Automotive, a leading retailer in the automotive aftermarket industry, operates 6,157 stores across 48 U.S. states, Puerto Rico, and Mexico, serving both professional service providers and do-it-yourself customers.
Fourth Quarter and Full-Year Financial Highlights
For the fourth quarter, O’Reilly reported a 5% increase in sales to $3.83 billion, with gross profit rising 6% to $1.97 billion, or 51.3% of sales. Operating income saw a 5% increase to $719 million, or 18.8% of sales. Net income for the quarter was $553 million, a 5% increase, resulting in an 11% rise in diluted earnings per share to $9.26.
The full-year results were equally impressive, with sales growing by 10% to $15.81 billion. Gross profit for the year increased by 10% to $8.10 billion, or 51.3% of sales. Operating income rose by 8% to $3.19 billion, or 20.2% of sales. Net income for the year was up by 8% to $2.35 billion, contributing to a 15% increase in diluted earnings per share to $38.47.
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