Advance Auto Parts Boosts FY24 Net Sales Outlook; Q1 Results Miss Estimates
(RTTNews) - While reporting financial results for the first quarter on Wednesday, automotive aftermarket parts provider Advance Auto Parts Inc. (AAP) maintained its earnings and comparable store sales growth guidance for the full year 2024, while boosting annual net sales outlook.
For fiscal 2024, the company now projects earnings in a range of $3.75 to $4.25 per share on net sales between $11.30 billion and $11.50 billion, with comparable store sales increase in a range of 0 to 1 percent.
Previously, the company had expected net sales between $11.30 billion and $11.40 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.82 per share on sales of $11.35 billion for the year. Analysts' estimates typically exclude special items.
Last week, the company declared a regular cash dividend of $0.25 per share to be paid on July 26, 2024 to all common stockholders of record as of July 12, 2024.
For the first quarter, the company reported net income of $40.01 million or $0.67 per share, down from $48.32 million or $0.81 per share in the prior-year quarter.
Net sales for the quarter edged down 0.3 percent to $3.41 billion from $3.42 billion in the same quarter last year. Comparable store sales decreased 0.2 percent.
The Street was looking for earnings of $0.68 per share on sales of $3.43 billion for the quarter.
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