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AutoZone Passes Analysts on Q1 Profits

By  +Follow December 10, 2013 10:27AM
Tickers Mentioned:

AutoZone, Inc. (AZO) , the biggest auto parts retailer in the United States (for now), on Dec. 10 reported a larger-than-expected profit during the first quarter of fiscal 2013 as margins edged ahead and sales picked-up.

For the quarter ended November 23, the Memphis-based company said that revenue rose by 3.6 percent to $2.1 billion from $1.99 billion in last year’s quarter.  Net income for the quarter totaled $218.09 million, or $6.29 per share, versus $203.45 million, or $5.41 per share, in the year prior quarter.  The company has reported 29 straight quarter of double-digit earnings per share growth.

Wall Street was expecting earnings of $6.28 per share on revenue of $2.1 billion.

Gross profit as a percentage of sales was 51.9 percent, compared to 51.8 percent in Q1 fiscal 2012.  At the same time, operating expenses were down by 10 basis points to 33.5 percent of sales, as the company shifted the timing of advertising expenditures.

Sales at stores open more than one year rose by 0.9 percent.  An unseasonably cold October and storms in November help drive sales at places like AutoZone, as do-it-yourselfers cope with wear and tear brought on by bad weather.  The storms that are blasting a wide swath of the eastern half of the U.S. in December could also provide a boon for sales in the current quarter. 

AutoZone opened seven new domestic locations, one in Mexico and one in Brazil, the fourth largest auto market in the world and a country of strategic growth focus for AutoZone.  All accounted for, AutoZone has more than 5,200 locations.  The opening of new stores helped drive inventory higher by 9.1 percent in the quarter.

“Additionally, rolled out an exciting, new version of our electronic parts catalog, and we grew sales across our digital commerce businesses,” said Bill Rhodes, chairman, president and chief executive at AutoZone, in a statement this morning.

AutoZone will be bumped down to the number two position in the list of biggest U.S. auto parts retailers early in 2014 when Advance Auto Parts (AAP) completes its $2-billion acquisition of General Parts International Inc.  That merger will create a retail giant with $9.2 billion in annual sales.

During the quarter, AutoZone repurchased 678,000 common shares for an aggregate amount of $292 million.  The company still has $177 million left in a current buy-back plan.

Shares have cruised ahead by nearly 4 percent in Tuesday morning trading to $474.71.  Shares have grown by about 33 percent so far in 2013 to all-time highs.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for AZO
The Greensheet
20 Oct 14 17:36:26
Pitt Hyde discusses founding of AutoZone, 35 years later (Video) - (from Memphis Business Journal) http://t.co/pQlzKFOOLA $AZO $AutoZone
US Banking News
20 Oct 14 05:49:21
AutoZone Earns “BBB” Credit Rating $AZO http://t.co/h0qTPOwwl8
Ticker Report
20 Oct 14 05:43:42
AutoZone Earns “BBB” Credit Rating $AZO http://t.co/UouXJHRjzv
manuel rodriguez
17 Oct 14 12:01:35
RT @micenter: AutoZone $AZO Trading Near $512.51 Resistance Level ( http://t.co/tddI0zXPo4 )
Market Int Center
17 Oct 14 11:51:34
AutoZone $AZO Trading Near $512.51 Resistance Level ( http://t.co/tddI0zXPo4 )
17 Oct 14 10:30:54
$AZO short 504.68 #lehmanshort
Jeffrey Blake
17 Oct 14 09:32:10
$AZO AutoZone Nears a Speed Bump http://t.co/w6pp1RvBkk
17 Oct 14 08:35:40
$AZO $TSCO watching shorts here
Thomas Collins
16 Oct 14 13:32:22
$AZO Argus Downgrades Shares Of AutoZone, Inc. http://t.co/Q8vNovmREG
Irma Doucet
16 Oct 14 13:32:20
$AZO AutoZone Nears a Speed Bump http://t.co/a4tyxexxtu
16 Oct 14 13:12:30
$AZO AutoZone : to Present at the Upcoming 38th Annual Automotive Aftermarket Symposium http://t.co/E4wfUcqxg2
16 Oct 14 13:05:25
AutoZone : to Present at the Upcoming 38th Annual Automotive Aftermarket Symposium http://t.co/IzGlv3uBSZ $AZO
16 Oct 14 13:03:52
$AZO AutoZone to Present at the Upcoming 38th Annual Automotive Aftermarket Symposium From our Stock News Alerts App
BV Services
16 Oct 14 13:02:07
$AZO AutoZone to Present at the Upcoming 38th Annual Automotive Aftermarket Symposium.. http://t.co/EbyaMRF141
Media Sentiment
16 Oct 14 12:05:04
$AZO received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 473
Market Int Center
16 Oct 14 12:01:47
AutoZone $AZO Showing Bearish Technicals With Support At $485.46 ( http://t.co/S1XyYlE4pv )
John Gunner
15 Oct 14 11:01:10
$AZO Argus Downgrades Shares Of AutoZone, Inc. http://t.co/za67hQAunU
15 Oct 14 10:13:03
The Most Popular in Twitter About $AZO on 10/15/2014 http://t.co/HH8c386EGF
14 Oct 14 04:37:21
AutoZone’s Equal Weight Rating Reaffirmed at Goldman Sachs $AZO http://t.co/yzhwmScjmG
14 Oct 14 02:46:10
1-star analyst Simeon Gutman from Morgan Stanley reiterated a HOLD rating on $AZO. Simeon has a 26.7% success rate http://t.co/gikfzdBFfh
Derald Muniz
13 Oct 14 15:12:22
it appears I took a Stop in the stock piece for $CALM today (Fab 5) & the L Oct 510 Calls in $AZO
Media Sentiment
13 Oct 14 12:40:04
$AZO received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 426
Market Int Center
13 Oct 14 12:37:37
AutoZone $AZO Showing Bearish Technicals With Resistance At $517.37 ( http://t.co/PgZGbgeVzV )
Carmen Hill
13 Oct 14 12:28:46
AutoZone $AZO upholds trading-day accumulation distribution of 1778: http://t.co/A5MduoEz1h
13 Oct 14 09:20:15
AutoZone Given Equal Weight Rating at Goldman Sachs $AZO http://t.co/RZWVDxvYYZ
Analyst Ratings
13 Oct 14 08:34:57
AutoZone's equal weight rating reiterated at Goldman Sachs. $575.00 PT. http://t.co/X3c3zi7yFs $AZO #AZO
Clair Voight
13 Oct 14 05:01:19
$AZO AutoZone Nears a Speed Bump http://t.co/wsLVNtrtmt
By  +Follow December 10, 2013 10:27AM



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