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Advance Auto Parts shares steer higher after quarterly earnings beat forecasts

The group expects 2018 sales between US$9.1bn and US$9.4bn after falling 2% to US$9.4bn in 2017

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Shares rose 10% in early US deals

Shares in Advance Auto Parts (NYSE:AAP) were higher after posting fourth quarter earnings that exceeded market forecasts.

The US automotive aftermarket parts provider reported net income of US$113.7mln, or US$2.49 a share, in the quarter to December 31, compared to US$125.6mln, or 84 cents a share, a year ago.

Excluding the impact of the new tax law and one-time items, the company earned 77 cents a share, up from US$1.0 a share the previous year.

Net sales fell 2.2% to US$2.03bn from US$2.08bn the previous year, in line with analysts’ expectations.

The company's comparable store sales dropped 2.6%, better than the 4% decline predicted by analysts.

The group expects 2018 sales between US$9.1bn and US$9.4bn after falling 2% to US$9.4bn in 2017.

"As we enter the second year of our transformation plan, we still have a lot that we want to accomplish,” said chief executive Tom Greco.

“We remain steadfast in our commitment to strengthen our customer value proposition, deliver market share improvement and execute our productivity agenda to drive margin expansion."

Shares rose 10% to US$116 each in early US deals. 

Quick facts: Advance Auto Parts, Inc.

Price: 106.86 USD

NYSE:AAP
Market: NYSE
Market Cap: $7.38 billion
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