Advance Auto Parts stock was on the rise Tuesday following the release of its earnings report for the third quarter of 2018.
Advance Auto Parts (NYSE:AAP) reported earnings per share of $1.89 for the third quarter of the year. This is an increase over the company’s earnings per share of $1.43 from the same time last year. It was also a boon to Advance Auto Parts stock by beating out Wall Street’s earnings per share estimate of $1.75 for the period.
Net income reported by Advance Auto Parts for the third quarter of 2018 came in at $115.84 million. The automotive parts retailer’s net income from the third quarter of 2017 was $96.00 million.
During the third quarter of the year, Advance Auto Parts reported operating income of $154.24 million. This is down from the company’s operating income of $156.57 million from the same period of the year prior.
Advance Auto Parts also reported revenue of $2.27 billion for the third quarter of 2018. This is better than the company’s revenue of $2.18 billion reported in the third quarter of the previous year. It was also good news for Advance Auto Parts stock by coming in above analysts’ revenue estimate of $2.23 billion for the quarter.
Advance Auto Parts’ most recent earnings report also includes an update to its outlook for 2018. The company is now expecting revenue for the year to range from $9.55 billion to $9.60 billion. Its previous revenue guidance was between $9.30 billion and $9.50 billion. This is good news for Advance Auto Parts stock as Wall Street is looking for revenue of $9.49 billion for the year.
AAP stock was up 8% as of Tuesday morning and is up 57% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.