AutoZone Inc. (AZO) Stock Surges on Earnings
Shares of auto parts retailer AutoZone Inc. soared Tuesday, driven by fiscal first-quarter results that beat Wall Street predictions.
In heavy afternoon trading, AutoZone shares rose $20.93, or 19.4 percent, to $128.80. Over the past 52 weeks, AutoZone shares have traded between $103.40 and $140.29.
AutoZone said before the market opened that its fiscal first-quarter profit rose 7 percent on an increase in sales, particularly of parts with high profit margins.
The company posted a profit of $2.02 per share on $1.46 billion in revenue, beating average analyst estimates of a profit of $1.91 per share and $1.44 billion in revenue.
Wachovia's Peter Benedict reiterated his "Outperform" rating for AutoZone, saying that the "fiscal first quarter results provided evidence of improved underlying demand, renewed commercial momentum and continued shareholder friendly capital allocation trends."
In heavy afternoon trading, AutoZone shares rose $20.93, or 19.4 percent, to $128.80. Over the past 52 weeks, AutoZone shares have traded between $103.40 and $140.29.
AutoZone said before the market opened that its fiscal first-quarter profit rose 7 percent on an increase in sales, particularly of parts with high profit margins.
The company posted a profit of $2.02 per share on $1.46 billion in revenue, beating average analyst estimates of a profit of $1.91 per share and $1.44 billion in revenue.
Wachovia's Peter Benedict reiterated his "Outperform" rating for AutoZone, saying that the "fiscal first quarter results provided evidence of improved underlying demand, renewed commercial momentum and continued shareholder friendly capital allocation trends."
Labels: AutoZone Inc., AZO
posted by Stock Administrator @ 10:49 PM
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