On Wednesday, O’Reilly Automotive (NASDAQ: ORLY), the Auto Parts distributor, tightened its full-year profit and sales expectations as customers cut back on purchases of some non-essential auto parts, sending shares down 1.61% pre-market.
Demand remained weak in the company’s accessory categories and certain under-car parts, such as brake systems and suspensions.
O’Reilly cut its comparable store sales growth expectation for the full year to between 2.0% and 3.0% from the prior forecast of 2.0% to 4.0%.
The Springfield, Missouri-based company trimmed its 2024 sales and profit forecast, and now expects a full-year profit of $40.60 to $41.10 per share, below analysts’ expectation of $41.14 per share, according to LSEG data.
The parts seller also forecast 2024 sales to be between $16.6 billion and $16.8 billion, marginally below estimates.
O’Reilly’s (NASDAQ: ORLY) third-quarter profit and sales also fell short of analysts’ estimates as softer demand weighed on professional and DIY businesses.
It reported a profit per share of $11.41 and sales of $4.36 billion for the quarter ended September 30.
(Source: ReutersReuters)
