rose 8% in premarket trade Tuesday, after the car parts retailer beat profit and sales estimates for its fiscal second quarter. Memphis, Tenn.-based AutoZone said it had net income of $294.6 million, or $10.38 a share, in the quarter, up from $289.5 million,. or $10.38 a share, in the year-earlier period. Sales rose to $2.451 billion from $2.413 billion. The FactSet consensus was for EPS of $9.95 and sales of $2.448 billion. U.S. same-store sales rose 2.6%, ahead of the FactSet consensus of 2.
The company said earnings benefited from tax reform in the current and prior-year quarter. "Every year, our second quarter's financial results are challenging as it is our seasonally lowest sales quarter and weather impacts can drive significant variability in sales," Chief Executive Bill Rhodes said in a statement. "Today, we are pleased to report solid performance in DIY while our Commercial business growth rate accelerated for the fourth consecutive quarter.
Source: News Formal (newsformal.com)
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