Sam Boughedda

Investing.com — O’Reilly Automotive (NASDAQ:) shares fell 8.31% after reporting its first-quarter earnings after hours Wednesday. 

The first quarter revenue came in at $3.3 billion. This was below the forecasts of $3.32billion, but it increased 7% over the previous year. In the first quarter, earnings per share were $7.17. This was lower than estimates of $7.49. 

Company stated that its first quarter has been volatile in past years due to winter weather conditions. The year this year proved no exception. Business was slowing down, with the impact of rough weather and macroeconomic pressures at the start.

Greg Johnson, O’Reilly’s president and CEO, stated that “we are happy to report another profitable quarter. This is in addition to the record 24.8% comparable sales growth which we achieved in the first quarter of last year. This resulted in an amazing comparable store sales two years stacked increase, of 29.6%.”

The company purchased 1.2 Million shares for $775million during the quarter. 

For 2022, the company expects total revenue to be between $14.2 billion-$14.5 billion. Comparable store sales will grow by 5%-7%. 

O’Reilly announced also that Tom McFall as the CFO of O’Reilly will step down. Jeremy Fletcher will replace him, who is the senior VP and controller for finance.