Free Post Earnings Research Report: Advance Auto Parts' Adjusted EPS Beat Analysts' Estimates
LONDON, UK / ACCESSWIRE / December 27, 2017 / Active-Investors.com has just released a free earnings report on Advance Auto Parts, Inc. (NYSE: AAP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AAP. The Company posted its third quarter fiscal 2017 revenues on November 14, 2017. The leading auto parts manufacturer's sales declined 2.94% on a y-o-y basis. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Advance Auto Parts most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
Advance Auto Parts posted revenues of $2.18 billion in Q3 FY17 compared to $2.25 billion in Q3 FY16, declining 2.96% on a y-o-y basis, due to macroeconomic pressures, short-term disruptions, and weather-related impacts in the Company's north-east, mid-Atlantic, Midwest, and north central markets. The Company's revenue numbers missed analysts' estimates of $2.21 billion.
Advance Auto Parts had a gross profit of $947.71 million in Q3 FY17 compared to $988.21 million in Q3 FY16, showing a decline of 4.13%, while gross margin declined 51 basis points to 43.40% in Q3 FY17, due to increased supply chain costs, and a non-cash impact of inventory optimization efforts.
The Company's operating income declined 19.20% to $156.57 million on a y-o-y basis in Q3 FY17, compared to $193.77 million in Q3 FY16. The Company's adjusted selling, general, and administrative expenses (SG&A) were $775.50 million in Q3 FY17 compared to $770.60 million in Q3 FY16, reflecting a growth of 0.64% on a y-o-y basis, due to higher labor, medical, and insurance claims. As of October 07, 2017, Advance Auto Parts operated 5,074 stores and 129 worldpac branches, serving approximately 1,250 independently-owned Carquest stores.
Advance Auto Parts posted a net income of $96.00 million in the reported quarter compared to $113.84 million in Q3 FY16, declining 15.68% on a y-o-y basis. The Company had diluted earnings of $1.30 per share in the reported quarter compared to $1.53 per share in Q3 FY16, showing a decline of 15.03% on a y-o-y basis. The Company's adjusted earnings were $1.43 per share in Q3 FY17, declining 17.30% from $1.73 per share in Q3 FY16, surpassing analysts' estimates of $1.22 per share.
Balance Sheet
In Q3 FY17, Advance Auto Parts had inventories of $4.22 billion in Q3 FY17 compared to $4.33 billion in Q4 FY16. The Company had a long-term debt balance of $1.044 billion in Q3 FY17 compared to $1.043 billion in Q4 FY16.
Cash Matters
Advance Auto Parts had cash and cash equivalents of $363.30 million as on October 07, 2017, compared to $119.49 million as on October 08, 2017. The Company generated cash flow from operating activities of $401.01 million for the forty-week period ending October 07, 2017, compared to $427.03 million for the same period ending October 08, 2017. In the reported quarter, Advance Auto Parts repurchased 750 of its shares at an average price of $103.42 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock units during the twelve weeks ending October 07, 2017.
On November 07, 2017, Advance Auto Parts declared quarterly dividends of $0.06 per share to be paid on January 05, 2018, to all common stockholders of record as of December 22, 2017.
Outlook
For the fiscal year 2017, Advance Auto Parts anticipates free cash flow to be at least $300.00 million, with capital expenditure being approximately $250.00 million. The Company also aims to open 60 to 65 new stores in FY17.
Stock Performance Snapshot
December 26, 2017 - At Tuesday's closing bell, Advance Auto Parts' stock rose 1.40%, ending the trading session at $101.96.
Volume traded for the day: 565.12 thousand shares.
Stock performance in the last month - up 14.27%; and previous three-month period - up 4.48%
After yesterday's close, Advance Auto Parts' market cap was at $7.50 billion.
Price to Earnings (P/E) ratio was at 21.38.
The stock has a dividend yield of 0.24%.
The stock is part of the Services sector, categorized under the Auto Parts Stores industry. This sector was flat at the end of the session.
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