AutoZone Beats Estimates With $3.77 EPS (AZO)

AutoZone, Inc. AZO on Tuesday morning released financial results that beat Wall Street expectations. AutoZone, Inc reported that its 1st quarter net income climbed 20.1% to $172.1 million, or $3.77 per share, up from $143.3 million, or $2.82 per share, a year earlier. The company's revenue rose to $1.79 billion, up from $1.59 billion a year earlier. AutoZone, Inc also reported that its domestic same store sales rose 9.5% during the quarter. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of $3.40 per share, on revenue of $1.71 billion. Chairman, president and chief executive officer Bill Rhodes said, "We are pleased to announce another quarter of strong performance. This marks the eighth consecutive quarter of 20% plus growth in earnings per share and our seventeenth consecutive quarter of double digit growth. While the macro environment for our industry remains favorable, our results are a direct result of the strong commitment to excellence of our 60,000+ AutoZoners across North America. Their commitment to our culture and to our customers is our key point of differentiation. Additionally, our return on invested capital on a trailing four-quarter basis reached another new all-time high at 28.6%. We remain committed to our disciplined approach of growing operating earnings while utilizing our capital appropriately." AutoZone, Inc. (AZO) ended the previous trading session at $261.91 per share. Analysts covering the company's stock have a consensus price target of $241.67 per share. Read more from Benzinga's Company news.