AutoZone Inc. shares (NYSE:AZO) saw its shares climb higher in premarket trade after its third quarter results beat market expectations.
The car parts retailer posted stronger-than-expected earnings for its fiscal first quarter to November 18.
READ: AutoZone shares up premarket after releasing market-beating fourth quarter results
In the quarter, it chalked up net income of US$281mln, or US$10.00 a share, up from US$278mln, or US$9.36 a share, a year earlier.
Sales during the period rose to US$2.6bn from US$2.5bn while same-store sales were up 2.3%.
The market consensus was for EPS of US$9.78, sales of US$2.5bn and same-store sales growth of just 0.9%.
Hurricanes and storms impacted results
Chief Executive Bill Rhodes said the after-effects of the hurricanes boosted sales by 50 to 60 basis points, while the damage from the storms shaved about 7 cents off EPS.
"We were encouraged with the improvement in performance in our first quarter and are pleased with the progress we are making on our various initiatives," he said.
In premarket, its shares rose 5.67% at US$750.00