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
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
12-05-23 0949ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations