Companies O'Reilly Automotive Inc FollowJuly 26 (Reuters) - Auto parts distributor O'Reilly Automotive (ORLY.O) on Wednesday named Brad Beckham as its top boss and raised its annual profit and sales outlook on strong demand for aftermarket products.
Inflationary pressures such as high interest rates on leases have led to consumers opting to repair their vehicles instead of buying new ones, bolstering the aftermarket sales of parts suppliers.
The company now expects 2023 profit between $37.05 and $37.55 per share, up from prior guidance of $36.50 to $37 per share.
O'Reilly now sees full-year revenue to be between $15.4 billion and $15.7 billion, compared to prior expectation of $15.2 billion to $15.5 billion.
The company also beat its second-quarter results with profit of $10.22 per share, above estimates of $10.09.
Persons:
Brad Beckham, Beckham, Greg Johnson, Johnson, O'Reilly, Christopher Horvers, Raechel Thankam, Anandita, Pooja Desai, Arun Koyyur
Organizations:
O'Reilly, O'Reilly Automotive, Wednesday, Revenue, Thomson
Locations:
U.S, , Puerto Rico, Mexico, Bengaluru