AutoZone (NYSE:AZO) earnings for fiscal third quarter of 2020 have AZO stock up on Tuesday. That comes after reporting diluted earnings per share (EPS) of $14.39, which is better than Wall Street’s estimate of $13.68. Its revenue of $2.78 billion also comes in above analysts’ estimates of $2.67 billion.
Here are some additional highlights from the most recent AutoZone earnings report.
- Diluted per-share earnings are down 10% from $15.99 during the same time last year.
- Revenue for the quarter comes in the same as it was in the fiscal third quarter of 2019.
- Operating income of $491.67 million is a 10.2% drop year-over-year from $547.52 million.
- The AutoZone earnings report also has net income coming in at $342.9 million.
- That’s a 15.5% decrease compared to its net income of $405.95 million in the same period of the year prior.
Bill Rhodes, chairman, president and CEO of AutoZone, said this during the fiscal Q3 earnings report:
“During the third quarter, we experienced the most extreme fluctuations in sales, both negative and positive, in the Company’s more than 40 year history. Because of this extreme volatility and uncertainty around the continued effects of the virus and government and consumer responses, it is difficult for us to forecast short-term results with any degree of confidence.”
AutoZone’s decision to not provide guidance updates makes sense. It, as well as many other retailers, has been dealing with the effects of the novel coronavirus. Other companies are also withholding outlooks at this time.
AZO stock ended the day Tuesday slightly up.
As of this writing, William White did not hold a position in any of the aforementioned securities.