O'Reilly Automotive, Inc. reported its financial results for the three and nine months ended September 30, 2024, showcasing a solid performance in revenue and profitability compared to the same periods in 2023.

For the third quarter, total sales reached $4.36 billion, a 4% increase from $4.20 billion in Q3 2023. Gross profit for the quarter also rose by 4% to $2.25 billion, maintaining a gross margin of 51.6%. Operating income remained stable at $896.7 million, representing 20.5% of sales. Net income for the quarter increased by 2% to $665.5 million, with diluted earnings per share rising to $11.41 from $10.72 in the prior year.

For the nine-month period, total sales increased by 5% to $12.61 billion, with gross profit growing to $6.45 billion. Operating income for the nine months was $2.51 billion, up 2% from the previous year. Net income for this period also saw a 2% increase, totaling $1.84 billion, with diluted earnings per share climbing to $31.14 from $29.20.

The company’s strategic developments included the acquisition of Groupe Del Vasto (Vast Auto) on January 22, 2024, marking its entry into the Canadian automotive aftermarket. This acquisition resulted in the initial recognition of $109.8 million in goodwill and intangible assets. O'Reilly also reported an increase in fair value related to marketable securities, with a $3.3 million increase for the quarter and a $7.4 million increase for the nine months.

Cash and cash equivalents as of September 30, 2024, were $115.6 million, a decrease from $279.1 million at the end of 2023. Total current assets increased to $5.70 billion, while total assets rose to $14.58 billion. Current liabilities also increased to $8.19 billion. The retained deficit improved to $(2.88 billion) from $(3.13 billion) at the end of 2023, and total shareholders’ deficit decreased to $(1.44 billion).

O'Reilly's operational footprint expanded to 6,187 stores in the U.S. and Puerto Rico, 78 stores in Mexico, and 26 stores in Canada. The company continues to focus on a dual market strategy targeting both do-it-yourself customers and professional service providers, with ongoing initiatives to enhance merchandising and store layouts.

Overall, O'Reilly Automotive demonstrated resilience in its financial performance amid market conditions, with strategic acquisitions and a focus on growth contributing to its results.