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Advance Auto Parts stock soars after results, helps drive up rivals

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Shares of Advance Auto Parts Inc. ran up to a 17-month high Tuesday, after the auto parts retailer beat second-quarter profit and sales expectations, raised its full-year revenue outlook and announced a new share repurchase plan.

The results helped lift the shares of the company’s rivals, as they provided evidence of “improving industry demand,” according to Credit Suisse analyst Seth Sigman.

Earlier Tuesday, Advance Auto Parts (AAP) reported net income that rose to $117.8 million, or $1.59 a share, from $87.0 million, or $1.17 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.97, above the FactSet consensus of $1.86.

Sales rose 2.8% to $2.33 billion, topping the FactSet consensus of $2.27 billion, as the same-store sales increase of 2.8% beat expectations of just 0.1% growth.

Read more: https://www.marketwatch.com/story/advance-auto-parts-stock-soars-after-results-helps-drive-up-rivals-2018-08-14

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