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

Advance Auto Parts (NYSE:AAP) released its quarterly earnings data 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 net margin of 0.37% and a return on equity of 1.59%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the company posted $1.43 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. 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 Down 17.5 %

Shares of AAP stock opened at $51.10 on Friday. The company has a current ratio of 1.22, a quick ratio of 0.29 and a debt-to-equity ratio of 0.70. Advance Auto Parts has a 1 year low of $47.73 and a 1 year high of $88.56. The firm’s fifty day moving average price is $61.21 and its two-hundred day moving average price is $68.70. The firm has a market capitalization of $3.05 billion, a P/E ratio of 74.06, a PEG ratio of 1.20 and a beta of 1.20.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Evercore ISI cut their price target on shares of Advance Auto Parts from $70.00 to $68.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 16th. StockNews.com upgraded shares of Advance Auto Parts from a “sell” rating to a “hold” rating in a report on Thursday, May 30th. JPMorgan Chase & Co. reduced their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Royal Bank of Canada reduced their price target on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 30th. Finally, Bank of America lifted their price target on shares of Advance Auto Parts from $51.00 to $55.00 and gave the stock an “underperform” rating in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating and fifteen have given a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $63.36.

Advance Auto Parts Company Profile

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.