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.-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains