Stock Story -
Auto parts and accessories retailer AutoZone (NYSE:AZO) will be reporting earnings tomorrow morning. Here's what to expect.
AutoZone met analysts' revenue expectations last quarter, reporting revenues of $3.86 billion, up 4.6% year on year. It was a solid quarter for the company, with a decent beat of analysts' earnings estimates.
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This quarter, analysts are expecting AutoZone's revenue to grow 5.1% year on year to $4.30 billion, in line with the 5.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $36.14 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. AutoZone has missed Wall Street's revenue estimates twice over the last two years.
With AutoZone being the first among its peers to report earnings this season, we don't have anywhere else to look to get a hint at how this quarter will unravel for automotive and marine retail stocks. However, there has been positive investor sentiment in the segment, with share prices up 8.2% on average over the last month. AutoZone is down 1.5% during the same time and is heading into earnings with an average analyst price target of $3259.1 (compared to the current share price of $2,917).