Report
Robust Q1 performance
ORLY reported a strong +3.4% Q1 comp (consensus +3.1%), particularly given the challenging March weather and the broadly flat US comp reported by NAPA (GPC). Margins were in-line with expectations, while the Q1 EPS was $0.03 ahead (although a lower tax rate accounted for $0.03 vs. AE). FY18 guidance was reaffirmed for all metrics, except EPS (raised $0.20 at the mid-point). Q2 comp and EPS guidance were both broadly in-line at the mid-point. A robust quarter, given recent concerns, with the company looking well-positioned for the remainder of FY18.
Underlying
O'Reilly Automotive
Provider
Atlantic Equities
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
Sam Hudson, CFA
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