Shares of Advance Auto Parts surged after the auto-parts retailer released its fiscal fourth quarter results and provided a positive outlook for 2024.
Quarterly Results
- Loss: 59 cents per share
- Missed Expectations: Wall Street expected earnings of 21 cents
- Net Sales: $2.46 billion, in line with estimates
- Same-Store Sales: Declined by 1.4%
Full-Year Performance
- Earnings: 50 cents per share
- Net Sales: $11.29 billion
- Analysts Expectations: $1.56 per share on sales of $11.28 billion
CEO Shane O’Kelly highlighted, “As we closed out 2023, we continued to act with a sense of urgency to stabilize the business and position the company for growth.”
2024 Forecast
- Net Sales: $11.3 billion to $11.4 billion
- Per-Share Earnings: $3.75 to $4.25
- Free Cash Flow: Expected minimum of $250 million
Advance Auto Parts shares rose by 7.3% to $69.45 in premarket trading, outperforming peer AutoZone. The S&P 500 futures were down by 0.3%.
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