Advance Auto Parts Earnings: Here’s Why the Stock is Up Now
Advance Auto Parts Inc. (NYSE:AAP) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.41%.
Advance Auto Parts Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 7.82% to $1.65 in the quarter versus EPS of $1.79 in the year-earlier quarter.
Revenue: Rose 2.96% to $2.02 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Advance Auto Parts Inc. reported adjusted EPS income of $1.65 per share. By that measure, the company beat the mean analyst estimate of $1.62. It beat the average revenue estimate of $2.01 billion.
Quoting Management: “During the first quarter, as anticipated, our business continued to be constrained by the unseasonably warm weather last year which had deferred the maintenance on vehicles. Additionally, due to the impact of payroll tax increases on our core consumer, delayed income tax refunds and a very slow start to the spring selling season, our business was softer than anticipated with our comp store sales declining 3.2%,” said Darren R. Jackson, Chief Executive Officer. “However, we had our best performance the last two weeks of our first quarter. During that period we saw our first week of positive transaction growth and strength across our major categories. We are encouraged by the fact that we have continued to generate positive comp store sales growth so far through our second quarter. This is a clear sign that our market remains strong and consumers still have a willingness to invest in reliable transportation.”
Key Stats (on next page)…