AutoZone Inc Earnings: Off the Revenue Estimate Mark
S&P 500 (NYSE:SPY) component AutoZone Inc (NYSE:AZO) reported its results for the first quarter. AutoZone is a specialty retailer of automotive replacement parts and accessories, offering an extensive line for cars, sport utility vehicles, vans, and light trucks.
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AutoZone Inc Earnings Cheat Sheet
Results: Net income for AutoZone Inc rose to $203.5 million ($5.41 per share) vs. $191.1 million ($4.68 per share) in the same quarter a year earlier. This marks a rise of 6.4% from the year-earlier quarter.
Revenue: Rose 3.5% to $1.99 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: AutoZone Inc was about in line with expectations as the mean analyst estimate of $5.40 per share. It fell short of the average revenue estimate of $2.13 billion.
Quoting Management: “We will maintain our disciplined approach to growing operating earnings and utilizing our capital effectively,” said Bill Rhodes, Chairman, President and Chief Executive Officer.
The company has now seen its net income rise for three quarters in a row. In the fourth quarter of the last fiscal year, net income rose 7.4% and in the third quarter of the last fiscal year, the figure rose 9.3%.
Revenue has increased for four consecutive quarters. Revenue increased 4.6% to $2.76 billion in the fourth quarter of the last fiscal year. The figure rose 6.7% in the third quarter of the last fiscal year from the year earlier and climbed 8.6% in the second quarter of the last fiscal year from the year-ago quarter.
The company has now beaten estimates the last two quarters. In the fourth quarter of the last fiscal year, it topped expectations with net income of $8.46 versus a mean estimate of net income of $8.39 per share.
Looking Forward: Expectations for the second quarter have not changed from $4.80. Over the past three months, the average estimate for the fiscal year has climbed from $27.14 per to share to $27.58.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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