AutoZone's stock rises after earnings beat analyst estimates
By Steve Gelsi
Profit increases by 10% as international sales boost results.
AutoZone Inc. shares fell back fractionally as the auto-parts retailer reported a 10% jump in profit, while its sales benefitted from strength in its international business.
AutoZone's (AZO) fiscal first-quarter net income rose to $593.46 million, or $32.55 a share, from $539.32 million, or $27.45 a share, in the year-ago quarter.
The company's latest earnings per share figure of $32.55 a share beat the FactSet consensus estimate of $26.75 a share.
Sales rose 5.1% to $4.19 billion, in line with analyst estimates.
AutoZone's total store count rose by 25 net new stores for a total of 7,165 in the U.S., Mexico and Brazil.
"Domestic sales results were solid despite tough comparisons from a year ago, while our international business continues to deliver exceptionally strong sales growth," said Chief Executive Bill Rhodes.
AutoZone's stock dipped 0.3% on Tuesday. The stock is up by 7.7% in 2023, compared to an 18.6% rise by the S&P 500.
-Steve Gelsi
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12-05-23 0949ET
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