O'Reilly boosts buyback capacity to $2.5 Billion
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By Kristin Jones
O'Reilly Automotive Inc. ORLY -0.45% has boosted its share buyback capacity to $2.5 billion, the latest in the auto-parts retailer's shareholder-friendly moves.
The company's board has approved the buyback of an additional $500 million in shares, in addition to the $2 billion already available for repurchase.
O'Reilly recently reported its second-quarter earnings rose 9.2% as its revenue and margins continued to improve.
The auto-parts sector was one of the more fortunate corners of the economy during the recession, as car owners sought to keep their cars in working order instead of buying new ones.
Shares closed at $84.62 on Friday and were unchanged after hours. The stock is up 5.8% so far this year.
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