Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our thesis.

What: Shares of O'Reilly Automotive (NASDAQ:ORLY) were speeding ahead today, gaining as much as 11%, and finishing up 9% on a strong earnings report.

So what: The auto-parts retailer said sales improved 9%, to $1.62 billion, topping estimates of $1.6 billion, while earnings also impressed, coming in at $1.40 against the consensus at $1.32. Same-store sales clicked up 5.4%, and finished its 21st consecutive year with positive comps. CEO Greg Henslee also said, "2014 was off to a strong start with the opening of our 25th distribution center," and projected 3% to 5% same-store sales growth for the current year.

Now what: For the full year, O'Reilly expects EPS of $6.74 to $6.84, in line with estimates at $6.78, and revenue of $7.0 to $7.2 billion against expectations of 7.06 billion. The company also forecasts 200 store openings, growing its base by about 5%. Another positive sign for the industry came from peer Advanced Auto Parts, which reported strong earnings today. With same-store sales growing and new stores coming on line, O'Reilly should steadily move higher during the next year.

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Jeremy Bowman has no position in any stocks mentioned. The Motley Fool owns shares of O'Reilly Automotive. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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