Advance Auto Parts (NYSE:AAP) Announces Quarterly Earnings Results, Misses Expectations By $0.22 EPS

Advance Auto Parts (NYSE:AAP) announced its quarterly earnings results on Thursday. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22), Briefing.com reports. Advance Auto Parts had a return on equity of 1.59% and a net margin of 0.37%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period last year, the firm earned $1.43 earnings per share. Advance Auto Parts’s revenue for the quarter was down .1% on a year-over-year basis. Advance Auto Parts updated its FY24 guidance to 2.00-2.50 EPS and its FY 2024 guidance to 2.000-2.500 EPS.

Advance Auto Parts Stock Performance

Shares of Advance Auto Parts stock opened at $51.10 on Friday. Advance Auto Parts has a 12 month low of $47.73 and a 12 month high of $88.56. The firm has a market capitalization of $3.05 billion, a P/E ratio of 74.06, a P/E/G ratio of 1.20 and a beta of 1.20. The company has a current ratio of 1.22, a quick ratio of 0.29 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $61.21 and a two-hundred day simple moving average of $68.70.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AAP. UBS Group upped their price target on shares of Advance Auto Parts from $68.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Wedbush reaffirmed a “neutral” rating and set a $65.00 price objective on shares of Advance Auto Parts in a research note on Friday, August 9th. Mizuho cut their target price on Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Wells Fargo & Company restated a “hold” rating and set a $60.00 price target on shares of Advance Auto Parts in a report on Tuesday. Finally, JPMorgan Chase & Co. dropped their price objective on Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $63.36.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.