Advance Auto Parts Inc. (NYSE: AAP) said on Tuesday that its same-store sales touched a record-high in almost a decade in the fiscal second quarter. Consequently, its quarterly profit blew past what the analysts had anticipated. Advance Auto Part introduced its next-generation MotoLogic Technology last week that started a new era of auto repair software.
Shares of the company opened more than 5% up on Tuesday. The gain, however, was unsustainable the stock slid over 4% in the next hour. At the peak of the Coronavirus pandemic in March, Advance Auto Parts had sunk to £56.69 per share. Having recovered 115% in roughly five months, the company is now trading at £123.58 per share. Interested in investing online in stocks? Here’s a simple guide to get you started.
Advance Auto Parts’ Q2 financial results versus analysts’ estimates
Advance Auto Parts’ reported £143.61 million of net income in its second quarter that translates to £2.07 per share. Its net income in the same quarter last year was capped at a much lower £94.33 million or £1.31 per share.
Adjusted for one-time items, the American automotive company earned £2.21 per share in the recent quarter. According to FactSet, experts had forecast a lower £1.50 of adjusted earnings per share in Q2.
In terms of revenue, the aftermarket parts provider saw a 7.3% growth in the second quarter to £1.89 billion versus the FactSet consensus of a lower £1.80 billion in sales. For comparable-store sales, analysts had forecast a 2.7% growth in the recent quarter as compared to a significantly stronger 7.5% growth that Advance Auto Parts recorded on Tuesday.
Advance Auto Parts says sales are upbeat in Q3 to date
The Raleigh-based company
