Advance Auto Parts stock tumbles on earnings miss, weak guidance

Investing.com -- Advance Auto Parts, Inc. (NYSE: AAP) shares plunged 9.7% Thursday after the automotive parts retailer reported disappointing third-quarter results and slashed its full-year outlook. The company missed analyst expectations on both the top and bottom lines as it continues to grapple with operational challenges.

For the third quarter, Advance Auto Parts (NYSE:AAP ) posted an adjusted loss per share of $0.04, falling well short of the $0.52 profit analysts had forecast. Revenue came in at $2.1 billion, below the $2.65 billion consensus estimate and down from $2.2 billion in the same quarter last year. Comparable store sales declined 2.3% YoY.

The company also cut its full-year guidance, now expecting fiscal 2024 adjusted earnings per share between a loss of $0.60 and breakeven. This is significantly lower than its previous outlook and the analyst consensus. Advance Auto Parts forecasts full-year revenue of approximately $9 billion, below the $9.69 billion analysts were projecting.

"We are pleased to have made progress on our strategic actions, including the completion of the sale of Worldpac and a comprehensive operational productivity review of our business," said Shane O'Kelly, president and CEO. "We are charting a clear path forward and introducing a new three-year financial plan, with a focus on executing core retail fundamentals to improve the productivity of all our assets and to create shareholder value."

As part of its turnaround efforts, Advance Auto Parts announced plans to close 523 corporate stores, exit 204 independent locations, and shutter four distribution centers by mid-2025. The company aims to improve its adjusted operating income margin by over 500 basis points through fiscal 2027.

 

Source: Investing.com

Последние публикации
Bangladesh panel seeks global legal firm for power deals probe, including Adani
25.11.2024 - 09:00
Japan stocks higher at close of trade; Nikkei 225 up 1.08%
25.11.2024 - 09:00
UniCredit launches €10.1 bln takeover bid for Banco BPM
25.11.2024 - 09:00
China EV stocks rise on reports of progress towards EU tariff deal
25.11.2024 - 09:00
Anglo American agrees to sell Aussie coal mines for up to $3.78 billion to Peabody Energy
25.11.2024 - 09:00
South Korea prosecutors seek 5-yr jail term for Samsung Elec chief in appeals case
25.11.2024 - 09:00
Taiwan stocks higher at close of trade; Taiwan Weighted up 1.55%
25.11.2024 - 08:00
Chinese vice commerce minister meets with Nvidia senior executive
25.11.2024 - 08:00
Bonds bounce, dollar dips on Bessent pick
25.11.2024 - 08:00
Analysis-Contentious COP29 deal shows climate cooperation fraying at edges
25.11.2024 - 07:00
Analysis-Business seeks details in face of mixed COP29 climate messages
25.11.2024 - 07:00
Adani bonds slide to year low as investors and lenders weigh bribery allegations
25.11.2024 - 07:00
Australia stocks higher at close of trade; S&P/ASX 200 up 0.28%
25.11.2024 - 07:00
Adani shares rise; CFO says publicly listed firms not subject to US indictment
25.11.2024 - 06:00
Asia stocks jump on gains in cyclical sectors, US optimism
25.11.2024 - 06:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?