AutoZone (NYSE:AZO) reported strong results for the Fiscal third quarter. The retailer of aftermarket automotive parts and accessories reported Q3 earnings of $36.69 per share, an increase of 7.5% year-over-year, surpassing consensus estimates of $26.25 per share.
The company posted net sales of $4.2 billion in Q3, up by 3.5% year-over-year, beating Street estimates of $3.84 billion. Same-store sales increased by 1.9% in the third quarter and by 0.9% on a constant currency basis.
AZO’s Stock Buyback Program
AutoZone repurchased 242,000 shares of its common stock at an average price per share of $3,036 during the third quarter. This stock buyback was worth $734.7 million in Q3. At the end of the third quarter, the company had $1.4 billion remaining under its current stock buyback program. This was a significant increase from its stock buyback of shares worth $223.8 million in the Fiscal second quarter.
Is AZO a Good Stock to Buy?
Analysts remain bullish about AZO stock, with a Strong Buy consensus rating based on 16 Buys and two Holds. Over the past year, AZO has increased by more than 10%, and the average AZO price target of $3,303.61 implies an upside potential of 12.9% from current levels.
