Advance Auto Parts (NYSE:AAP) Releases FY 2024 Earnings Guidance

Advance Auto Parts (NYSE:AAP) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of -0.600-0.000 for the period, compared to the consensus earnings per share estimate of 1.670. The company issued revenue guidance of $9.0 billion-$9.0 billion, compared to the consensus revenue estimate of $9.7 billion. Advance Auto Parts also updated its FY 2025 guidance to EPS.

Advance Auto Parts Stock Up 5.1 %

Shares of Advance Auto Parts stock traded up $2.07 on Thursday, hitting $43.01. The company had a trading volume of 3,456,786 shares, compared to its average volume of 2,013,819. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 4,433.00, a P/E/G ratio of 1.30 and a beta of 1.17. The stock has a 50 day moving average of $39.05 and a 200-day moving average of $54.72. Advance Auto Parts has a 1 year low of $35.59 and a 1 year high of $88.56. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.30 and a current ratio of 1.23.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.22). The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Advance Auto Parts had a net margin of 0.01% and a return on equity of 0.05%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter last year, the business posted $1.43 EPS. As a group, sell-side analysts forecast that Advance Auto Parts will post 2.19 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on AAP. Evercore ISI lowered their price objective on shares of Advance Auto Parts from $71.00 to $67.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 22nd. Roth Mkm restated a “neutral” rating and issued a $40.00 target price on shares of Advance Auto Parts in a research note on Wednesday, October 16th. Royal Bank of Canada reduced their price target on shares of Advance Auto Parts from $52.00 to $46.00 and set a “sector perform” rating for the company in a research report on Monday. Truist Financial decreased their price objective on shares of Advance Auto Parts from $46.00 to $41.00 and set a “hold” rating on the stock in a research report on Thursday, November 7th. Finally, Mizuho restated a “neutral” rating and set a $38.00 price target (down previously from $45.00) on shares of Advance Auto Parts in a research report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $54.08.

About Advance Auto Parts

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.