5 Earnings Reports You Don’t Want to Miss

4. AutoZone, Inc. (NYSE:AZO)

Number of Hedge Fund Holders: 45

Shares of AutoZone, Inc. (NYSE:AZO) turned red on Tuesday, March 1, 2022, despite beating profit and sales expectations its fiscal second quarter. The aftermarket automotive parts retailer earned $22.30 per share, substantially higher than $14.93 per share in the year-ago period.

In addition, AutoZone, Inc. (NYSE:AZO) posted revenue of $3.37 billion, up 15.8 percent on a year-over-year basis. Analysts were looking for earnings of $17.79 per share on $3.17 billion in revenue.

Among other updates, AutoZone, Inc. (NYSE:AZO) announced that it repurchased $1.6 billion worth of its common stock during the quarter. In addition, it opened 26 new stores in the same period, bringing the total count to 6,815.

Commenting on the quarter, CEO Bill Rhodes said:

“Our retail and commercial sales performance remained strong this quarter. While our commercial sales growth continued to be elevated at 32.1%, our retail sales growth also remained healthy with over 10% growth against a tough comparison from a year ago.”