AutoZone Reports Fourth Quarter Financial Results for Fiscal 2024
Intellectia.AI2024-09-24
AutoZone Reports Fourth Quarter Financial Results for Fiscal 2024
AutoZone, Inc. (NYSE: AZO) reported its financial results for the fourth quarter ending August 31, 2024. Below is a summary of the company's earnings data and performance highlights.
Key Financial Metrics
| Metric | Q4 2024 | Q4 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $6.2 billion | $5.69 billion | +9.0% | $6.22 billion |
| Diluted EPS | $51.58 | $46.46 | +11.0% | $53.53 |
| Net Income | $902.2 million | $864.8 million | +4.3% | NA |
Interpretation : AutoZone reported strong year-over-year revenue growth, driven by an increase in the number of stores and improved sales, despite missing the revenue consensus estimate by a margin. EPS saw a significant increase of 11% but fell slightly below Wall Street's expectations.
Revenue Performance by Segment
| Segment | Revenue (Q4 2024) | YoY Change |
|---|---|---|
| International Sales | Up 10% (constant currency) | Strong Growth |
Interpretation : AutoZone’s international business demonstrated significant growth, despite currency headwinds. The domestic market showed improvement, particularly in commercial sales, although specific figures were not disclosed.
Key Developments and Operational Highlights
- Opened 117 new stores in Q4 2024: 68 in the U.S., 31 in Mexico, and 18 in Brazil.
- The Company’s inventory increased by 6.8%, influenced by new store openings.
- Gross profit margin decreased slightly due to LIFO accounting adjustments.
Executive Comments
Phil Daniele, President and CEO, praised the contributions of AutoZoners and highlighted a strong performance amidst challenging conditions. He noted growth initiatives focusing on inventory availability and accelerating domestic commercial businesses, alongside exploring international market opportunities.
Share Repurchase Program
- AutoZone repurchased 244,000 shares in Q4 for $710.6 million.
- For fiscal 2024, 1.1 million shares were repurchased with a total investment of $3.2 billion.
- $2.2 billion remains authorized for future repurchases.
Stock Movement
Following the earnings announcement, AutoZone's stock saw a decline of approximately 1.06%.
Overall, AutoZone's Q4 and fiscal 2024 results reflect steady growth and resilience in expanding its footprint and adapting to market challenges.
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