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Morgan Keegan Comments On O'Reilly Automotive EPS


According to Morgan Stanley, O'Reilly Automotive (NASDAQ: ORLY) EPS of $0.83 exceeded our estimate and the Street at $0.78 and guidance of $0.74-$0.78.

Morgan Stanley said that the beat was driven by a higher than expected comp of 5.7% (est. 4%, guidance 3%-5%) and SG&A leverage of (91) bps to 34.2% (est. 34.6%). “The outlook remains encouraging on industry tailwinds and a solid start to 2011 with better than expected sales and expense leverage, gross margin improvement, and ORLY in the final stages of the CSK conversion. We reiterate our Outperform rating with shares trading at 8.3x our NTM EBITDA estimate.”

O'Reilly Automotive closed yesterday at $58.55.

Posted-In: Morgan Keegan O'Reilly AutomotiveAnalyst Color Analyst Ratings


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