AutoZone latest financial results announced

The largest US retailer of aftermarket automotive parts, AutoZone (NYSE: AZO), released its latest earnings report for its fiscal first quarter that ended on November 18, 2023, before the US market opened on Tuesday.

Company overview

• Founded: July 4, 1979
• Headquarters: Memphis, Tennessee, United States
• Number of employees: 119,000 (2023)
• Industry: Retail
• Key people: William C. Rhodes III (Chairman, President, & CEO), Jamere Jackson (CFO)

The results

• AutoZone reported revenue of $4.19 billion for the quarter, slightly beating $4.188 billion estimate.
• Earnings per share reached $32.55 per share vs. $31.573 per share expected.
• The company opened 25 new stores during the quarter in United States, Mexico and Brazil. One store was closed in the United States.
• AutoZone has 7,165 stores as of November 18, 2023.

CEO commentary

“I want to thank all AutoZoners across the company for their efforts during our first fiscal quarter. The commitment to superior service resulted in our ability to deliver strong financial results. Our domestic sales results were solid despite tough comparisons from a year ago, while our international business continues to deliver exceptionally strong sales growth. We remain committed to driving sales and earnings growth throughout fiscal 2024, while returning cash to our shareholders,” William C. Rhodes, CEO of the company said in a letter to investors.

Stock reaction

Shares of AutoZone were little changed at the end of Tuesday’s session, ending the day up by 0.26% at $2,671.12 a share.

Stock performance

• 1 month: +0.78%
• 3 months: +4.50%
• Year-to-date: +8.31%
• 1 year: +8.72%

AutoZone stock price targets

• Wedbush: $2750
• Truist Financial: $2933
• TD Cowen: $2975
• Oppenheimer: $2600
• Argus: $2920
• DA Davidson: $2500
• Evercore ISI: $2750
• Morgan Stanley: $2750
• Barclays: $2742
• JP Morgan: $2975

AutoZone Inc. is the 362nd largest company in the world with a market cap of $47.10 billion.

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Sources: AutoZone Inc., TradingView, MarketWatch, MarketBeat, Benzinga, CompaniesMarketCap