leadf
logo-loader
viewAdvance Auto Parts, Inc.

Advance Auto Parts shares steer higher after quarterly earnings beat forecasts

The group expects 2018 sales between US$9.1bn and US$9.4bn after falling 2% to US$9.4bn in 2017

car
Shares rose 10% in early US deals

Shares in Advance Auto Parts (NYSE:AAP) were higher after posting fourth quarter earnings that exceeded market forecasts.

The US automotive aftermarket parts provider reported net income of US$113.7mln, or US$2.49 a share, in the quarter to December 31, compared to US$125.6mln, or 84 cents a share, a year ago.

Excluding the impact of the new tax law and one-time items, the company earned 77 cents a share, up from US$1.0 a share the previous year.

Net sales fell 2.2% to US$2.03bn from US$2.08bn the previous year, in line with analysts’ expectations.

The company's comparable store sales dropped 2.6%, better than the 4% decline predicted by analysts.

The group expects 2018 sales between US$9.1bn and US$9.4bn after falling 2% to US$9.4bn in 2017.

"As we enter the second year of our transformation plan, we still have a lot that we want to accomplish,” said chief executive Tom Greco.

“We remain steadfast in our commitment to strengthen our customer value proposition, deliver market share improvement and execute our productivity agenda to drive margin expansion."

Shares rose 10% to US$116 each in early US deals. 

Quick facts: Advance Auto Parts, Inc.

Price: 149.41 USD

NYSE:AAP
Market: NYSE
Market Cap: $10.33 billion
Follow

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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...

FOR OUR FULL DISCLAIMER CLICK HERE

Cabral Gold adds 2nd drill rig as company identifies new high-grade veins

Cabral Gold (CVE: CBR-OTC: CBGZF) CEO Alan Carter joined Steve Darling from Proactive Vancouver with news the company has identified at least six new NE trending high-grade veins in the Machichie SW area located immediately north of the MG deposit. Carter telling Proactive what had led them...

1 day, 23 hours ago

2 min read