AZO - AutoZone (AZO) Stock Pops as Sales Beat Expectations
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AutoZone (NYSE:AZO) stock is rising on Monday following the release of the automotive part company’s earnings report for its fiscal fourth quarter of 2022.
That good news for AZO stock starts with diluted earnings per share of $40.51. That’s a massive beat compared to Wall Street’s estimate of $38.38 per share. It’s also a jump from the $35.72 per share reported in the same period of the year prior.
Adding to that, AutoZone reported revenue of $5.35 billion for its fiscal fourth quarter of the year. Yet again, that comes in above analysts’ estimate of $5.15 billion. It’s also an 8.9% increase compared to the $4.91 billion reported during the same time last year.
Bill Rhodes, chairman, president and CEO of AutoZone, said the following in the earnings report.
“Our retail business performed well this quarter ending with positive same store sales on top of last year’s strong performance. And, our commercial business growth continued to be exceptionally strong at 22%. The investments we have made in both inventory availability and technology are enhancing our competitive positioning. We are optimistic about our growth prospects heading into our new fiscal year.”
AZO stock isn’t seeing strong trading today despite the earnings beat. As of this writing, only about 56,000 shares of the stock have changed hands. That’s below its daily average trading volume of about 151,000 shares.
AZO stock is up 1% as of Monday morning.
Investors looking for more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the most recent stock market coverage traders need for Monday! That includes why shares of Take-Two Interactive (NASDAQ:TTWO) and Bluebird Bio (NASDAQ:BLUE) are on the move, as well as this morning’s biggest pre-market stock movers. You can find all of that info at the following links!
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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