O'Reilly's Solid Finish to 2017 Leaves Our Outlook Intact as Sector Ends Cyclically Soft Year
On-track fourth-quarter results should not lead to a large change in our $242 fair value estimate for narrow-moat O’Reilly Automotive, with the firm ending 2017 near our full-year targets ($9.0 billion in sales and a 19.2% operating margin versus our $9.0 billion and 19.3% marks). Management expects $9.4 billion-$9.6 billion in sales and diluted earnings per share of $15.10-$15.20 in 2018, against our $9.4 billion and $14.93 targets (our forecast for tax rate cuts proved conservative). Our long-...
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