AutoZone Authorizes Share Repurchase - Analyst Blog
04 Outubro 2011 - 10:41AM
Zacks
AutoZone Inc. (AZO) announced that its Board of
Directors authorized the repurchase of $750 million of the
company's common stock in addition to its existing share repurchase
program.
The company’s board last increased the share repurchase
authorization by $500 million on June 14, 2011. This raised the
cumulative share repurchase authorization from $9.9 billion to
$10.4 billion.
In the fourth quarter of its fiscal year, AutoZone repurchased
1.5 million shares of its common stock for $433 million, reflecting
an average price of $289. This has brought the total share
repurchase to 5.6 million shares of its common stock valued at $1.5
billion, implying an average price of $262, for fiscal 2011.
Since the inception of the repurchase program in 1998, the
company has
authorized share repurchases worth $11.2 billion, including the
above amount. At the end of the fourth quarter, the company had
$219 million remaining under its current share repurchase
authorization. Therefore, the company has $969 million worth of
shares available for repurchase under the program as of
today.
AutoZone, a
Zacks #2 Rank (Buy) company, posted a 12.1% increase in profit to
$301.5 million in the fourth quarter of its fiscal year ended
August 27, 2011 from $268.9 million in the year-ago quarter. On a
per-share basis, profits rose 26.9% to $7.18 from $5.66 in the
year-ago quarter, surpassing the Zacks Consensus Estimate of
$6.98.
Net sales
grew 8.1% to $2.64 billion, exceeding the Zacks Consensus Estimate
of $2.61 billion. Domestic same store sales, i.e., sales for stores
open for at least one year, rose 4.5% during the
quarter.
In the
fiscal year ended August 27, 2011, AutoZone’s profit rose 15% to
$849.0 million from $738.3 million in the prior fiscal year. On per
share basis, profits increased 30% to $19.47 from $14.97 in the
previous fiscal year, beating the Zacks Consensus Estimate of
$19.22.
Net sales
escalated 9.6% to $8.07 billion, up from the Zacks Consensus
Estimate of $8.04 billion. Domestic same store sales went up 6.3%
during the fiscal year. Operating profit increased 13.3% to $1.49
billion from $1.32 billion a year ago. Consequently, operating
margin was 18.5% versus 17.9% last year.
AutoZone is
one of the nation’s leading specialty retailers of automotive
replacement parts and accessories, operating in the Do-It-Yourself
(DIY) retail, Do-It-for-Me (DIFM) commercial and other customer
markets. It competes with O’Reilly Automotive
Inc. (ORLY) and
Advance
Auto Parts Inc. (AAP), both of which have posted
an impressive rise in profits during their last reported
quarters.
ADVANCE AUTO PT (AAP): Free Stock Analysis Report
AUTOZONE INC (AZO): Free Stock Analysis Report
O REILLY AUTO (ORLY): Free Stock Analysis Report
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