AutoZone beats Street 1Q forecasts

MEMPHIS, Tenn. (AP) _ AutoZone Inc. (AZO) on Tuesday reported fiscal first-quarter net income of $281 million.

The Memphis, Tennessee-based company said it had profit of $10 per share. Earnings, adjusted for pretax gains, came to $9.96 per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $9.80 per share.

The auto parts retailer posted revenue of $2.59 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $2.54 billion.

AutoZone shares have decreased 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 18 percent. The stock has dropped slightly more than 9 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AZO at https://www.zacks.com/ap/AZO