O'Reilly Automotive, Inc. (ORLY) Q1 2023 Earnings Call Transcript

O'Reilly Automotive, Inc. (NASDAQ:ORLY) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET

Company Participants

Jeremy Fletcher – Chief Financial Officer

Greg Johnson – Chief Executive Officer

Brad Beckham – Co-President

Brent Kirby – Co-President

Conference Call Participants

Scot Ciccarelli – Truist Securities

Chris Horvers – JPMorgan

Greg Melich – Evercore ISI

Bret Jordan – Jefferies

Zach Fadem – Wells Fargo

Liz Suzuki – Bank of America

Michael Lasser – UBS

Simeon Gutman – Morgan Stanley

Operator

Greetings, and welcome to the O'Reilly Automotive Incorporated First Quarter 2023 Earnings Call. My name is Ali, and I will be your operator for today's call. At this time all participants are in a listen-only mode and later we will conduct a question-and-answer session. [Operator Instructions]

I will now turn the call over to Mr. Jeremy Fletcher. Mr. Fletcher, you may begin.

Jeremy Fletcher

Thank you, Ali. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our first quarter 2023 results and our outlook for the remainder of the year. After our prepared comments, we will host a question-and-answer period. Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements. And we intend to be covered by and we claim the protection under the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

You can identify these statements by forward-looking words such as estimate, may, could, will, believe, expect, would, consider, should, anticipate, project, plan, intend or similar words. The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2022, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

At this time, I would like to introduce Greg Johnson.

Greg Johnson

Thanks, Jeremy. Good morning everyone and welcome to the O'Reilly Auto Parts first quarter conference call. Participating on the call with me this morning are our Co-Presidents, Brad Beckham and Brent Kirby; and Jeremy Fletcher, our Chief Financial Officer. Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call.

I'd like to begin our call today by congratulating Team O'Reilly on a strong start to 2023. Delivering such consistent strong results requires an unrelenting commitment to excellent customer service from our team of over 86,000 professional parts people across the U.S. and Mexico. I am extremely grateful for the hard work our team puts in each and every day. Our first quarter results were highlighted by a robust 10.8% increase in comparable store sales as our team continued to deliver outstanding growth on top of strong performance in the prior year. These top line results exceeded our expectations and demonstrated O'Reilly strength on both the professional and DIY sides of our business.