What to Expect When AutoZone Reports Earnings
AutoZone is expected to report its fiscal third-quarter financial results before the markets open on Tuesday.
AutoZone Inc. (NYSE: AZO) is set to report its fiscal third-quarter financial results before the markets open on Tuesday. Thomson Reuters consensus estimates are $10.92 in earnings per share (EPS) on $2.65 billion in revenue. In the same period of last year, the company posted EPS of $9.57 and $2.49 billion in revenue.
This company made a big move earlier this quarter when it initiated a sizable buyback plan. The company announced that its board of directors authorized the repurchase of an additional $750 million of the common stock in connection with its ongoing share repurchase program.
Since the inception of the repurchase program in 1998, and including the $750 million, AutoZone’s board of directors has authorized a grand total of $17.2 billion in share repurchases. Keep in mind that AutoZone has a market cap of roughly $22 billion.
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Prior to the release of the earnings report, a few analysts weighed in on AutoZone:
- Sterne Agee CRT reiterated a Neutral rating.
- Argus reiterated a Buy rating.
- Gabelli reiterated a Buy rating with a $935 price target.
- Deutsche Bank reiterated a Hold rating.
So far in 2016, AutoZone has outperformed the broad markets, with the stock up about 4%. Over the past 52 weeks, the stock is up 10%.
Shares of AutoZone were trading down 1.7% at $748.40 on Monday, with a consensus analyst price target of $853.00 and a 52-week trading range of $662.70 to $810.00.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
