O'Reilly shares climb after earnings announcement

By Associated Press
July 23, 2008 | Comments (0)

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Shares of O'Reilly Automotive Inc. surged Wednesday, after the auto parts retailer released second-quarter results that met Wall Street predictions.

In afternoon trading, O'Reilly shares rose $2.23, or 9.3 percent, to $26.27, after peaking at $26.64 earlier in the day. Over the past 52 weeks, the company's shares have traded between $21.92 and $38.20.

O'Reilly's profit of 48 cents per share matched the average estimate of analysts polled by Thomson Financial, while its revenue of $704.4 million came in slightly ahead of Wall Street's expectation of $702.2 million.

But the company also issued a 2008 adjusted profit guidance of $1.57 to $1.61 per share, below average analysts' estimates of $1.75 per share.

Wachovia's Peter Benedict backed his "Outperform" rating for O'Reilly, calling the 2008 guidance appropriate in light of soaring gas prices and a trend toward consumers driving less.

"In our view, O'Reilly's second-quarter results suggest the company continues to execute well and take share in a challenging macro environment," Benedict wrote in a note to investors.

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