O’Reilly Automotive, Inc. Announces Additional $1 Billion Share Repurchase Authorization and Announces Asset Purchase Agree...
13 Novembro 2018 - 7:30PM
O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq:
ORLY), a leading retailer in the automotive aftermarket industry,
today announced that its Board of Directors approved a resolution
to increase the authorization amount under its share repurchase
program by an additional $1 billion, raising the aggregate
authorization under the program to $11.75 billion. The
Company also announced that it has entered into a definitive
agreement to purchase substantially all of the auto parts related
assets of Bennett Auto Supply, Inc. (“Bennett”), headquartered in
Pompano Beach, Florida. The asset purchase is expected to be
completed by the end of this year.
O’Reilly’s CEO and Co-President, Greg Johnson
commented, “We are very excited to announce we have entered into a
definitive agreement to purchase substantially all of the assets of
Bennett Auto Supply, a highly respected, privately held automotive
parts supplier operating 33 stores in southern Florida. Over
the past 61 years, the Bennett family has built a very successful
business based on a culture of providing excellent customer service
and is a premier parts supplier in their markets. I would
like to welcome the Bennett team members to O’Reilly, and we look
forward to the opportunities we will have together as we continue
our profitable growth in Florida.”
The additional $1 billion authorization is
effective for a three-year period, beginning on November 13,
2018. Stock repurchases under the program may be made from
time to time, as the Company deems appropriate, solely through open
market purchases effected through a broker dealer at prevailing
market prices, based on a variety of factors such as price,
corporate requirements and overall market conditions. There
can be no assurance as to the number of shares the Company will
purchase, if any. The share repurchase program may be
increased or otherwise modified, renewed, suspended or terminated
by the Company at any time, without prior notice.
About O’Reilly Automotive,
Inc.O’Reilly Automotive, Inc. was founded in 1957 by the
O’Reilly family and is one of the largest specialty retailers of
automotive aftermarket parts, tools, supplies, equipment and
accessories in the United States, serving both the do-it-yourself
and professional service provider markets. Visit the
Company’s website at www.OReillyAuto.com for additional information
about O’Reilly, including access to online shopping and current
promotions, store locations, hours and services, employment
opportunities and other programs. As of September 30,
2018, the Company operated 5,190 stores in 47 states.
Forward-Looking StatementsThe
Company claims the protection of the safe-harbor for
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. You can identify
these statements by forward-looking words such as “estimate,”
“may,” “could,” “will,” “believe,” “expect,” “would,” “consider,”
“should,” “anticipate,” “project,” “plan,” “intend” or similar
words. In addition, statements contained within this press
release that are not historical facts are forward-looking
statements, such as statements discussing, among other things,
expected growth, store development, integration and expansion
strategy, business strategies, the impact of the U.S. Tax Cuts and
Jobs Act, future revenues and future performance. These
forward-looking statements are based on estimates, projections,
beliefs and assumptions and are not guarantees of future events and
results. Such statements are subject to risks, uncertainties
and assumptions, including, but not limited to, the economy in
general, inflation, product demand, the market for auto parts,
competition, weather, risks associated with the performance of
acquired businesses, our ability to hire and retain qualified
employees, consumer debt levels, our increased debt levels, credit
ratings on public debt, governmental regulations, terrorist
activities, war and the threat of war. Actual results may
materially differ from anticipated results described or implied in
these forward-looking statements. Please refer to the “Risk
Factors” section of the annual report on Form 10-K for the year
ended December 31, 2017, for additional factors that could
materially affect the Company’s financial performance.
Forward-looking statements speak only as of the date they were made
and the Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
For further
information contact: |
Investor &
Media Contact |
|
Mark Merz (417)
829-5878 |
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