AutoZone Beats Analysts’ Expectations with Q1 Earnings Report
On May 23rd, AutoZone (NYSE:AZO) released their quarterly earnings report, reporting $34.12 earnings per share for the quarter, beating analysts’ consensus estimates of $30.84 by $3.28. The company’s revenue for the quarter was up 11.0% on a year-over-year basis, coming in at $4.09 billion compared to analyst estimates of $4.12 billion.
Despite this impressive performance, AutoZone still had a negative return on equity of 62.38% and a net margin of 14.45%. However, this did not seem to faze investors, as AZO stock opened at $2,446.04 on Thursday after the report was released.
This news comes after two of AutoZone’s VPs sold thousands of shares of the company’s stock earlier in the year; William R. Hackney sold 2,724 shares in March for a total value of $6,522,481.80 and Dennis W. Leriche sold 1,420 shares in April for a total value of $3,653,716.80.
It should be noted that over the past three months insiders have sold almost 8,000 shares of company stock valued at almost $20 million dollars. However, only 2.59% of the stock is currently owned by insiders.
AutoZone has been performing well overall since hitting its low point last year; its twelve month low was $2,013.28 and its twelve month high is now at $2,750.00 with a market cap of $44.42 billion.
With AutoZone continuing to exceed expectations despite insider sales and negative returns on equity it will be interesting to see what moves they make next going forward into Q2-Q4 2023.
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AutoZone Inc. Earnings Expectations and Stock Market Rating on the Rise
AutoZone Inc. (NYSE:AZO) is a company on the rise, with increased earnings expectations and a booming stock market rating. In a report issued on June 21st, equities research analysts at Wedbush announced their revised FY2023 earnings per share (EPS) estimates for AutoZone, increasing their forecast from $130.79 to $131.87. This prediction bodes well for investors as it indicates that the company’s future looks brighter than previously anticipated.
The consensus estimate for AutoZone’s current full-year earnings is also encouraging, with analysts predicting $130.28 per share. Not only this, but the outlook for FY2024 is even more positive, with Wedbush estimating an EPS of $147.36.
With such optimistic predictions surrounding the future of AutoZone, it is no surprise that a number of other research analysts have also voiced their confidence in the company. Of these experts, eighteen have assigned a buy rating to the stock and just one has labeled it a hold.
Hedge funds and institutional investors are buying up shares of AutoZone, bringing fresh investment opportunities to those looking to profit from its projected growth. Robbins Farley recently purchased a new stake in the company while AdvisorNet Financial Inc lifted its holdings by 83.3% during Q4 of last year.
Overall things are looking good for AutoZone as we approach June 22nd 2023; it’s increasing earnings forecasts coupled with positive ratings from experts make it an interesting prospect for any level of investor looking to maximize their returns on investment through financial analysis and astute money management techniques.