O'Reilly Automotive lowers full year outlook as demand for some auto parts softens

(Reuters) - Auto Parts distributor O'Reilly (NASDAQ:ORLY ) Automotive Inc tightened its full-year profit and sales expectations on Wednesday as customers cut back on purchases of some non-essential auto parts, sending shares down 2.7% after the bell.

Demand remained weak in the company's accessory categories and certain under-car parts, such as brake systems and suspensions.

O'Reilly cut its comparable store sales growth expectation for the full year to between 2.0% and 3.0% from prior forecast of 2.0% to 4.0%.

The Springfield, Missouri-based company trimmed its 2024 sales and profit forecast, and now expects full-year profit of $40.60 to $41.10 per share, below analysts' expectation of $41.14 per share, according to LSEG data.

The parts seller also forecast 2024 sales to be between $16.6 billion and $16.8 billion, marginally below estimates.

O'Reilly's third-quarter profit and sales also fell short of analysts' estimates as softer demand weighed on professional and DIY businesses.

It reported a profit per share of $11.41 and sales of $4.36 billion for the quarter ended September 30.

Source: Investing.com