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Advance Auto Parts Inc Up 6.1% To $68.70 After Earnings Miss

Wednesday, February 28, 2024 02:03 PM | InvestorsObserver Analysts

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Advance Auto Parts Inc Up 6.1% To $68.70 After Earnings Miss

Advance Auto Parts Inc (AAP) said before open Wednesday that it lost $0.59 per share in quarter four 2023.

On the revenue line, the company reported $2.5 billion, beating estimates by $5 million.

In the same quarter a year ago, the company earned $2.88 per share on revenue of $2.5 billion.

The stock is up 6.1% to $68.70 after the report.

Advance Auto Parts Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

Trading in the five days leading up to the report earned Advance Auto Parts Inc a Bullish Sentiment Rank from InvestorsObserver.

Advance Auto Parts Inc has performed a little below average during the past few months. Before the report, Advance Auto Parts Inc received a Long-Term Technical Rank by InvestorsObserver of 33, putting it in the bottom half of stocks. The firm set a 52-week low on October 25, 2023 at $47.73 and set a 52-week high on February 28, 2023 at $149.17.

Advance Auto Parts is one of the industry's largest retailers of aftermarket automotive parts, tools, and accessories to do-it-yourself customers in North America. Advance operated 4,972 stores as of the end of 2021, in addition to servicing 1,317 independently owned Carquest stores. The company's Worldpac unit is a premier distributor of imported original-equipment parts. Advance derived 58% of its 2021 sales from commercial clients, up from 30%-40% before the General Parts deal.

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