Advance Auto Parts (NYSE:AAP) earnings for the auto repair retail company’s third quarter of 2019 have AAP stock down on Tuesday. The drop comes even with an adjusted EPS of $2.10 and revenue of $2.31 billion. These are both above Wall Street’s estimates of $2.05 per share and $2.30 billion.
Let’s take a closer look at the most recent Advance Auto Parts earnings report.
- Adjusted per-share earnings are up 11.11% from $1.89 at the same time last year.
- Revenue is sitting 1.76% higher YoY than $2.27 billion.
- Operating income of $173.33 million is 12.38% better than $154.24 million in the third quarter of 2018.
- The Advance Auto Parts earnings report also has net income coming in at $123.67 million.
- This is a 6.76% increase over the company’s net income of $115.84 million in the same period of the year prior.
- The company’s same-store sales growth for the quarter comes in at 1.2%, which is below analysts’ 1.3% estimate.
Tom Greco, President and Chief Executive Officer of Advance Auto Parts, says this about the current AAP stock earings.
“The Advance team, including our network of Independent Partners, delivered our sixth consecutive quarter of net sales growth in the third quarter as a result of our unrelenting focus on the Customer. We also expanded margins and remained highly disciplined in our approach to cost reduction.”
Advance Auto Parts also provides an update to its 2019 outlook. It is now expecting same-store sales growth for the year to range from 1.0% to 1.50%. That’s lower than its previous outlook range of 1.0% to 2.0%.
AAP stock was down 7.51% when the markets closed on Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.