AutoZone stock on pace for worst trading day since March 2020, despite retailer beating Wall Street estimates
AutoZone's stock is experiencing significant declines, marking its worst trading day since March 2020, despite the company surpassing Wall Street estimates. Executives acknowledged ongoing inflationary pressures and potential supply chain issues related to the war in Iran, particularly concerning motor oil shortages. Both Nissan and Toyota have issued advisories to dealers regarding rationing motor oil due to these anticipated shortages.
- ▪AutoZone's stock is on track for its worst trading day since March 2020.
- ▪Executives expect inflationary pressures to continue but be slightly muted.
- ▪Nissan and Toyota have issued service bulletins to dealers about rationing motor oil stocks.
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Wall Street analysts also questioned executives Tuesday about continued pressures on the business from inflation, energy costs and potential supply chain disruptions caused by the war in Iran, specifically possible shortages of motor oil.AutoZone executives said they expect inflationary pressures to continue but be "slightly muted" due to year-over-year comparisons. They also weren't overly concerned about potential problems with supplies of lubricants such as motor oil that are reportedly impacting dealer operations at Toyota Motor and Nissan Motor."The issue around lubricants, I know there's a lot of noise out there. We're going to leave that up to the oil specialists to really say what that means.
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