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

Advance Auto Parts (NYSE:AAP) announced its quarterly earnings data on Thursday. The company reported $0.75 earnings per share 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 firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the previous year, the firm earned $1.43 earnings per share. Advance Auto Parts’s revenue 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 Price Performance

Shares of AAP traded down $1.95 during trading hours on Friday, reaching $49.15. The company had a trading volume of 6,659,296 shares, compared to its average volume of 1,724,429. The firm has a 50 day simple moving average of $60.93 and a 200-day simple moving average of $68.59. Advance Auto Parts has a 12-month low of $47.73 and a 12-month high of $88.56. 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 company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 71.22, a PEG ratio of 1.20 and a beta of 1.20.

Advance Auto Parts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Friday, October 11th. Advance Auto Parts’s dividend payout ratio (DPR) is 144.93%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Truist Financial dropped their price objective on shares of Advance Auto Parts from $63.00 to $46.00 and set a “hold” rating on the stock in a report on Friday. Wedbush reaffirmed a “neutral” rating and issued a $55.00 price objective (down previously from $65.00) on shares of Advance Auto Parts in a research note on Friday. UBS Group lifted their price target on Advance Auto Parts from $68.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Mizuho cut their price objective on shares of Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Finally, Bank of America boosted their price objective on Advance Auto Parts from $51.00 to $55.00 and gave the company an “underperform” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating and fifteen have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $60.86.

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.