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

Advance Auto Parts (NYSE:AAP) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.000-2.500 for the period, compared to the consensus estimate of 3.550. The company issued revenue guidance of $11.2 billion-$11.3 billion, compared to the consensus revenue estimate of $11.3 billion. Advance Auto Parts also updated its FY24 guidance to 2.00-2.50 EPS.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AAP shares. Wells Fargo & Company reaffirmed a hold rating and set a $60.00 target price on shares of Advance Auto Parts in a research report on Tuesday. Truist Financial dropped their price objective on Advance Auto Parts from $70.00 to $63.00 and set a hold rating on the stock in a research note on Thursday, May 30th. StockNews.com upgraded shares of Advance Auto Parts from a sell rating to a hold rating in a research note on Thursday, May 30th. Wedbush reissued a neutral rating and set a $65.00 price target on shares of Advance Auto Parts in a research report on Friday, August 9th. Finally, UBS Group upped their price objective on shares of Advance Auto Parts from $68.00 to $72.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating and fifteen have issued a hold rating to the company’s stock. According to data from MarketBeat.com, Advance Auto Parts currently has a consensus rating of Hold and a consensus target price of $63.36.

Advance Auto Parts Stock Down 17.5 %

AAP opened at $51.10 on Friday. Advance Auto Parts has a twelve month low of $47.73 and a twelve month high of $88.56. The company’s 50-day moving average price is $61.21 and its two-hundred day moving average price is $68.70. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 74.06, a PEG ratio of 1.20 and a beta of 1.20. The company has a quick ratio of 0.29, a current ratio of 1.22 and a debt-to-equity ratio of 0.70.

Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.22). Advance Auto Parts had a return on equity of 1.59% and a net margin of 0.37%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period last year, the firm posted $1.43 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. As a group, equities analysts expect that Advance Auto Parts will post 3.7 earnings per share for the current year.

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.