The S&P 500 and Dow Jones indexes eased on Tuesday, handing back some gains from a strong rally in the previous session, as investors digested a mixed set of quarterly results from retailers including Home Depot and Walmart. Home improvement chain Home Depot fell 1.9% as it missed quarterly profit estimates due to higher costs, while department store operator Kohl's Corp slumped 6.1% after reporting a bigger-than-expected loss.
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, today announced its financial results for the first quarter ended April 18, 2020.
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Shares of Advance Auto Parts (NYSE:AAP) moved higher by 7.5% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share decreased 63.01% over the past year to $0.91, which missed the estimate of $1.75.Revenue of $2,698,000,000 declined by 8.60% year over year, which missed the estimate of $2,740,000,000.Guidance Advance Auto Parts hasn't issued any earnings guidance for the time being.Revenue guidance hasn't been issued by the company for now.Conference Call Details Date: May 19, 2020View more earnings on AAPTime: 08:00 AMET Webcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Fir.advanceautoparts.com%2Finvestors%2Fnews-and-events%2Fevents-and-presentations%2Fdefault.aspx&eventid=2316432&sessionid=1&key=37706F278BDD2DBF51CF7716B84BC5EC®Tag=&sourcepage=registerPrice Action Company's 52-week high was at $171.43Company's 52-week low was at $71.33Price action over last quarter: down 5.26%Company Profile 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 5,037 stores as of the end of 2019, in addition to servicing 1,253 independently owned Carquest stores. The company's Worldpac unit is a premier distributor of imported original-equipment parts. Advance derived 60% of its 2019 sales from commercial clients, up from 30%-40% before the General Parts deal.See more from Benzinga * Recap: Weibo Q1 Earnings * Kohl's: Q1 Earnings Insights * Eagle Materials: Q4 Earnings Insights(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Advance Auto Parts (AAP) scraps 2020 guidance as it expects the coronavirus pandemic's impact to strain its operations in the days to come.
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The Zacks Analyst Blog Highlights: Advance Auto Parts, Home Depot, Lowe's Companies, Alibaba Group and Dollar General
Advance Auto Parts (AAP) delivered earnings and revenue surprises of -43.48% and 1.28%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
The S&P 500 was largely unchanged on Tuesday, after a strong rally in the prior session, as investors sifted through a mixed batch of results from major retailers including Walmart and Home Depot. Home improvement chain Home Depot fell 2.4% as it missed quarterly profit estimates due to higher costs, while department store operator Kohl's Corp slumped 7.8% after reporting a bigger-than-expected loss.
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Many factors need to be considered and worked out in partnership with local health departments before individual school districts can open again, according to the AAP.
Companies In The News Are: HD, KSS, AAP, EXP.
Advance Auto Parts, Inc. (AAP)
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Advance Auto Parts missed first quarter top- and bottom-line estimates for Q1 but said that the start of the second quarter was showing good early results.
Advance Auto Parts reported terrible earnings, but the results hint that things are looking up for the automotive universe. Same-store sales so far this quarter are about flat compared with last year’s.
U.S. stock index futures were trading flat on Tuesday, handing back some gains from the S&P 500's best day in six weeks in the previous session, as investors digested a mixed set of quarterly results from retailers including Home Depot and Walmart. Home improvement chain Home Depot fell 1.3% in premarket trade, the most among the 30 Dow constituents, as it missed quarterly profit estimates due to higher costs.
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AAP earnings call for the period ending April 18, 2020.
The Trump Administration's coronavirus relief payment provided a fillip to sales of major retailers in April as millions of Americans used the money to buy everything from video games to sewing machines even as the country struggles with record job losses. Walmart and Target Corp noted in their earnings call this week that quarterly comparable sales, which rose about 10%, got a major boost from increased demand for non-essentials at the end of last month. "Call it relief spending, as it was heavily influenced by stimulus dollars," Walmart Chief Executive Doug McMillon said on Tuesday, citing a jump in sales of clothing, televisions, video games, sporting goods and toys.
Palm Valley Capital recently released its Q1 2020 Investor Letter, a copy of which you can download below. The fund posted a return of 0.79% for the quarter, outperforming its benchmark, the S&P Small Cap 600 Index which returned -32.65% in the same quarter. You should check out Palm Valley Capital’s top 5 stock picks […]
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Shareholder rights law firm Robbins LLP announces that it is investigating the officers and directors of Advance Auto Parts, Inc. (NYSE: AAP) for breaches of fiduciary duties, unjust enrichment, and violations of the Securities Exchange Act of 1934. AAP provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported vehicles.
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(Bloomberg) -- Advance Auto Parts Inc. shares are climbing after the aftermarket retailer said sales are getting a boost from Americans doing more work on their cars as they wait for shutdown orders to lift.Comparable-store sales improved in the first four weeks of the second quarter and to date are in line with a year ago, the Roanoke, Virginia-based company said Tuesday. Advance Auto shares jumped as much as 8.2% shortly after the start of regular trading.Americans have taken stay-home orders as a cue to do more wrenching on their rides, Chief Executive Officer Tom Greco said on the company’s earnings call. Advance Auto’s do-it-yourself repair business is strong, replacement car-battery sales are brisk and consumers are taking breaks from streaming to scrub down their vehicles.“You’ve got people sitting in their homes and you can only watch so much Netflix,” Greco said. “You decide what to do and you go outside maybe you fix something in your yard or maybe you work on your car.”The do-it-yourself segment tends to hold up well during economic downturns. As unemployment increases, new-car sales decline and the vehicle fleet ages, consumers do more of their own maintenance. Greco also said that an aversion to mass transit and desire to drive rather than fly to vacation destinations may help Advance Auto sustain its recent momentum.(Updates with share move after the open in the second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Advance Auto Parts Inc. reported Tuesday first-quarter profit and sales that missed expectations as the COVID-19 pandemic had a significant impact on results, but the auto parts maker provided an upbeat second-quarter update and the shares rose shot up 6.5% in premarket trading. Net income for the quarter to April 18 fell to $43.6 million or 63 cents a share, from $142.5 million, or $1.98 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 91 cents, below the FactSet consensus of $1.75. Sales dropped 8.6% to $2.70 billion, just shy of the FactSet consensus of $2.73 billion, while same-store sales declined 9.3% to miss expectations of a 7.7% drop. For the first four weeks of the second quarter, same-store sales have "improved significantly" each week. The company has withdrawn its full-year financial guidance given the uncertainties associated with the COVID-19 pandemic. The stock has lost 18.1% year to date through Monday, while the S&P 500 has shed 8.6%.
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