Advance Auto Parts Q3 Earnings Plunge, but Meet Expectations (AAP)

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 DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here