Shares of Autozone recovered from early losses Tuesday after the company reported profit and sales that missed Wall Street estimates.
The auto parts retailer's stock dipped more than 2 percent in early trading after reporting an adjusted $10.77 per share for its third quarter, up 12.6 percent from the prior year but missing analysts' estimates by 15 cents, according to Thomson Reuters. The company cited weather in Midwestern, Middle Atlantic, and Northeastern states.
The stock quickly recovered 2.7 percent after the bell, trading near $760 Tuesday.
Autozone reported a 3 percent increase in revenue at $2.59 billion, missing Thomson Reuters consensus estimates of $2.65 billion. The company reported an inventory increase of 3.7 percent from the same period a year earlier, driven primarily by new store openings, the company said.