AutoZone, Inc. (AZO) Stock Rises Despite 3Q Earnings Disappointment

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AutoZone, Inc. ( AZO ) stock was up Tuesday despite a poor Q3 earnings report.

AutoZone reported revenue of $2.59 billion during its third quarter of 2016. This is an increase over the $2.49 billion it reported during the same time last year. However, it didn't meet analysts' estimate of $2.65 billion.

AZO's earnings per share for the quarter were $10.77. This is up from the $9.57 it reported during the third quarter of 2015, but it failed to meet Wall Street's expectations of $10.92.

AutoZone is continuing its store expansion and opened 41 new locations in North America during its third quarter. The company noted that comparable same-store sales for locations open at least a year increased by 2% in its most recent quarter.

AZO shares were up 2% as of Tuesday morning.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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