May 27 (Bloomberg) -- AutoZone Inc., the largest U.S. auto- parts retailer, said third-quarter profit rose 9.5 percent as some consumers repaired their vehicles rather than buying new ones.

Net income for the quarter ended May 9 advanced to $173.7 million, or $3.13 a share, from $158.6 million, or $2.49, a year earlier, the Memphis, Tennessee-based company said today in a statement. Sales increased 9.3 percent to $1.66 billion.

Four-month deliveries of cars and light trucks in the U.S. fell 37 percent as banks tightened lending standards and unemployment rose to the highest in more than a quarter century. The average age of cars on the road is increasing, bolstering sales of AutoZone’s oil filters and windshield wipers, the retailer has said.

The company was forecast to earn $2.89 a share, the average estimate of 19 analysts surveyed by Bloomberg. Sales were seen at $1.6 billion.

AutoZone declined $7.80, or 4.8 percent, to $155.04 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have risen 11 percent this year.

To contact the reporter on this story: Carol Wolf in Cleveland at cwolf@bloomberg.net.

Last Updated: May 27, 2009 17:32 EDT