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Advance Auto Parts Inc APP shares are trading lower in Tuesday’s after-hours session after the company reported worse-than-expected earnings results and cut full-year guidance.
Advance Auto said third-quarter revenue increased 0.8% year-over-year to $2.641 billion, which narrowly beat average analyst estimates of $2.64 billion, according to Benzinga Pro. The company said its top-line results were driven by improvements in strategic pricing and new stores.
Advance Auto reported quarterly earnings of $2.84 per share, which missed average estimates of $3.34 per share.
“2022 will be the second consecutive year that we have grown adjusted operating income margins in a highly inflationary environment. Our industry has proven to be resilient, and the fundamental drivers of demand remain positive,” said Tom Greco, president and CEO of Advance Auto.
Advance Auto reiterated full-year guidance for net sales growth, comparable store sales and adjusted operating income margin. The company lowered its full-year adjusted earnings guidance from a range of $12.75 to $13.25 per share to a range of $12.60 to $12.80 per share.
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AAP Price Action: Advance Auto has a 52-week high of $244.55 and a 52-week low of $154.46.
The stock was down 10.3% in after hours at $165 at time of publication.
Photo: Mike Mozart from Flickr.
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Image and article originally from www.benzinga.com. Read the original article here.