Auto parts retailer O’Reilly Automotive on Monday said that it is lowering its guidance after completing a review of lease accounting practices.
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Citing a Securities and Exchange Commission filing, Reuters said the company is reducing its earnings per share outlook for the first quarter by a penny and for 2005 by 4 cents – the change results from a correction to accounting for operating leases, the company reportedly said in the filing.
Reuters noted that, although O’Reilly said it will incur additional non-cash rent and depreciation expense of about $10.4 million in the fourth quarter of 2004, prior years’ financial statements will not be restated.
