O’Reilly Automotive, Inc. Delivers Strong Fourth Quarter and Full-Year 2023 Results

O’Reilly Automotive, Inc. (NASDAQ: ORLY), a significant participant in the automotive aftermarket industry, has announced its unprecedented revenue and earnings for the fourth quarter and full year concluding on December 31, 2023. The company commemorates 31 consecutive years of comparable store sales growth, as well as recording record revenue and operational income since its initial public offering in April 1993.

During the fourth quarter of 2023, O’Reilly observed a 3.4% rise in comparable store sales, following a notably robust 9.0% increase the preceding year. The company also witnessed double-digit professional comparable store sales growth, counterbalancing the anticipated year-over-year pressure on the do-it-yourself (DIY) segment of the business. Fourth quarter total sales surged by 5% to $3.83 billion, with gross profit escalating by 6% to $1.97 billion.

Throughout the full year, O’Reilly accomplished a 7.9% growth in comparable store sales, with sales amounting to $15.81 billion, marking a 10% augmentation in comparison to the preceding year. Gross profit and operating income similarly experienced substantial escalations.

Looking forward to 2024, O’Reilly is resolutely focused on sustaining its remarkable growth trajectory, with proposals for the opening of 190 to 200 new stores and a anticipated total revenue of $16.8 billion to $17.1 billion for the year. The company’s leadership evinces confidence in its capacity to execute its market strategy and uphold its position as an industry leader.

The Leadership Succession Plan was consummated in January 2024, with the retirement of CEO Greg Johnson and the elevation of Brad Beckham to the position of CEO and Brent Kirby to President.

In summation, O’Reilly Automotive, Inc. has exhibited its resilience and adjustability confronting market pressures, and is well-positioned to sustain its triumph in the forthcoming years.

For further insight into O’Reilly, please visit www.OReillyAuto.com.

Note: The content and financial data are derived from the official press release by O’Reilly Automotive, Inc. and its subsidiaries, and are not intended to constitute financial advice. All financial information is presented in accordance with United States generally accepted accounting principles (GAAP).