SPRINGFIELD, Mo., Feb. 16, 2011 (GLOBE NEWSWIRE) -- O'Reilly Automotive, Inc. ("O'Reilly" or "the Company") (Nasdaq:ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenues and earnings for the fourth quarter and year ended December 31, 2010.
The results represent 18 consecutive years of comparable store sales growth and record revenue and operating income for O'Reilly since becoming a public company in April of 1993.
4th Quarter 2010 Financial Results
Sales for the fourth quarter ended December 31, 2010, increased $137 million, or 12%, to $1.31 billion from $1.17 billion for the same period a year ago. Gross profit for the fourth quarter ended December 31, 2010, increased to $637 million (or 48.6% of sales) from $570 million (or 48.5% of sales) for the same period a year ago, representing an increase of 12%. Selling, General and Administrative ("SG&A") expenses for the fourth quarter ended December 31, 2010, increased to $472 million (or 36.1% of sales) from $444 million (or 37.8% of sales) for the same period a year ago, representing an increase of 6%. Operating income for the fourth quarter ended December 31, 2010, increased to $164 million (or 12.5% of sales) from $125 million (or 10.7% of sales) for the same period a year ago, representing an increase of 31%.
Net income for the fourth quarter ended December 31, 2010, totaled $106 million (or 8.1% of sales), up 47% from $72 million (or 6.1% of sales) for the same period a year ago. Diluted earnings per common share for the fourth quarter ended December 31, 2010, increased 42% to $0.74 on 143 million shares versus $0.52 for the same period a year ago on 139 million shares.
The Company's results for the fourth quarter ended December 31, 2010, included a nonrecurring, non-operating gain of $11.6 million ($7.2 million, net of tax) in "Other income" related to the settlement of a note receivable acquired in the July 11, 2008, acquisition of CSK Auto Corporation ("CSK"). The note was favorably settled for a gain in the fourth quarter of 2010. Adjusted diluted earnings per common share, excluding the impact of the gain related to the settlement of the note receivable, increased 33% to $0.69 for the fourth quarter ended December 31, 2010, from $0.52 for the same period a year ago. The table below outlines the impact of the gain on the settlement of the note receivable for the fourth quarter ended December 31, 2010, (amounts in thousands, except per share data):