viewAdvance Auto Parts, Inc.

Advance Auto Parts shares surge after better-than-expected third quarter earnings

Advance Auto Parts said it is on track to meet its 2017 guidance

The company supplies automotive aftermarket parts

Advance Auto Parts Inc. (NYSE:APP) shares steered higher after reporting third quarter earnings that beat analysts’ expectations.

The provider of automotive aftermarket parts posted adjusted earnings per share of US$1.43 for the three months ended 7 October, down from US$1.73 the same period a year ago but better than market forecasts of US$1.22.

Revenue, however, missed estimates of US$2.21bn at US$2.18bn, compared to US$2.24bn last year. Comparable store sales for the quarter dropped 3.4%.

The group still expects to meet its 2017 guidance after taking action to reduce costs.

“We executed key transformational initiatives, including a complete restructure of our field operations and professional sales leadership teams,” said chief executive Tom Greco.

“This important step in our journey sets us up well for the future. In the third quarter, we delivered improvements in cost initiatives while positioning the business for future success.”

Shares rose 18.81% to US$97.84 in early trading. 

Quick facts: Advance Auto Parts, Inc.

Price: 142.38 USD

Market: NYSE
Market Cap: $9.85 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Second coronavirus wave inevitable believes BB Healthcare Trust PLC's Paul Major

BB Healthcare Trust’s (LON:BBH) Paul Major believes a second wave of coronavirus infections is inevitable and he is positioning the trust’s portfolio accordingly. The view that it is sunny uplands for equity markets from here is slightly disconcerting, he told Proactive, even with the recent...

5 hours, 11 minutes ago

2 min read