O'Reilly sees drop in 1Q net income

SPRINGFIELD, Mo. O’Reilly Automotive reported first quarter 2008 sales of $646 million, up 5.4% from $613 million for the same period a year ago. Net income for the first quarter 2008 totaled $46.3 million, down 4.3% from $48.4 million for the same period in 2007. Diluted earnings per common share for the first quarter of 2008 decreased 4.8% to 40 cents on 116.3 million shares compared to 42 cents for the first quarter of 2007 on 115.5 million shares.

Comparable-store sales for stores open at least one year decreased 0.4% for the first quarter of 2008 compared to a 6.8% increase in the first quarter of 2007.

The company estimates that diluted earnings per share for the second quarter of 2008 will be approximately 47 cents to 51 cents with an expected comparable-store sales increase of 3% to 5%. The company projects full-year earnings to range from $1.81 to $1.85 per share, which has been adjusted slightly downward from the original guidance provided on Feb. 20 of $1.84 to $1.88 per share, with an expected comparable store sales increase of 3% to 5%.