AutoZone, Inc. (NYSE:AZO) stock was falling on Tuesday after the release of its earnings report for its fiscal third quarter of 2018.
The bad news for AZO stock comes with its revenue of $2.66 billion for its fiscal third quarter of the year. This is up from its revenue of $2.62 billion that was reported in its fiscal third quarter of 2017. However, it wasn’t even close to Wall Street’s revenue estimate of $2.72 billion for the period.
“As we entered the third quarter, we were optimistic about our sales prospects for Q3 since we were coming off the first reasonably severe winter in the last three years,” Bill Rhodes, Chairman President and CEO of AutoZone, Inc., said in a statement. “Unfortunately, we had a very cold, wet spring through March and much of April and our sales didn’t respond until spring-like weather arrived in late April.”
AutoZone, Inc.’s earnings report for its fiscal third quarter of 2018 also includes earnings per share of $13.42. This is an increase over its earnings per share of $11.44 from the same period of the year prior. It also beat out analysts’ earnings per share estimate of $13.01 for the quarter, but wasn’t enough to save AZO stock today.
Net income reported by AutoZone, Inc. for its fiscal third quarter of the year came in at $366.72 million. This is better than its net income of $331.70 million from the same time last year.
Operating profit reported by AutoZone, Inc. in its fiscal third quarter of the year is sitting at $545.77 million. The cart parts retailer reported an operating profit of $529.57 million for its fiscal third quarter of the previous year.
AZO stock was down 7% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.