Auto parts retailer Advance Auto Parts, Inc. (AAP) on Thursday posted a sharp downturn in third quarter earnings, but results still matched Wall Street’s view.
The Roanoke, VA-based company reported third quarter net income of $89.5 million, or $1.21 per share, compared with $105.6 million, or $1.41 per share, in the year-ago period.
Revenue fell 0.5% from last year to $1.46 billion.
On average, Wall Street analysts expected a matching profit of $1.21 per share, on matching revenue of $1.46 billion.
Advance Auto Parts shares posted modest gains in morning trading Thursday. The stock has see-sawed this year, as a big pullback from all-time highs hit in April has been buoyed by recent takeover rumors.
The Bottom Line
Shares of Advance Auto Parts (AAP) have a .30% dividend yield, based on last night’s closing stock price of $79.76. The stock has technical support in the $70-$71 price area. If the shares can firm up, we see overhead resistance around the $82-$85 price levels.
Advance Auto Parts, Inc. (AAP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.