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Top related persons:
Tom Greco - 2 Refinitiv - 1 Oppenheimer - 1 Brian Nagel - 1 Raechel Thankam - 1 Maju Samuel - 1
Top related locs:
Raleigh North Carolina Delaware The Delaware Bengaluru
Top related orgs:
Advance - 1 O'Reilly Automotive - 1 O'Reilly Auto - 1 Parts Inc - 1 Thomson - 1

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3 mentions found


☆ Advance Auto Parts shares plummet 30% after dismal results, cuts to outlook and dividend
  + stars: | 2023-05-31 | by ( Michael Wayland | ) www.cnbc.com   time to read: +1 min
Shares of Advance Auto Parts plummeted roughly 30% during early trading Wednesday after the company's fiscal first-quarter earnings significantly missed Wall Street's expectations and executives slashed the retailer's yearly guidance and quarterly dividend. The Raleigh, North Carolina-based auto parts supplier blamed its dismal results and bleaker outlook on higher-than-expected costs for its professional sales, inflationary pressure, supply chain problems and an unfavorable product mix. Its quarterly revenue of $3.42 billion slightly missed expectations of $3.43 billion. Shares of other auto parts suppliers such as O'Reilly Automotive and AutoZone were also lower Wednesday. However, some Wall Street analysts believe Advanced Auto Parts' problems could be more operational than industrywide.
Persons: Refinitiv, Tom Greco, Oppenheimer, Brian Nagel Organizations: Advance, O'Reilly Automotive, O'Reilly Auto Locations: Raleigh, North Carolina
☆ Advance Auto Parts cuts full-year profit guidance as costs weigh
  + stars: | 2023-05-31 | by ( ) www.reuters.com   time to read: +1 min
Companies Advance Auto Parts Inc FollowMay 31 (Reuters) - Advance Auto Parts Inc (AAP.N) lowered its full-year profit outlook on Wednesday on the back of elevated costs, sending the auto parts retailer's shares down 24% before the opening bell. The Delaware-based supplier now expects to report net sales between $11.2 billion and $11.3 billion for 2023, down from its prior guidance of $11.4 billion to $11.6 billion. Despite pricing actions, the company added that supply headwinds and unfavorable product mix pulled down its first-quarter earnings. The company posted net income of $0.72 per share, down from $2.26 reported last year. The Delaware-based supplier reported net sales of $3.42 billion for the quarter ended April 23, up 1.3% from the prior year.
Persons: Tom Greco, Raechel Thankam, Maju Samuel Organizations: Parts Inc, Thomson Locations: Delaware, The Delaware, Bengaluru
☆ We're very disappointed in our relative top line performance, says Advance Auto Parts CEO
  + stars: | 2022-11-16 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're very disappointed in our relative top line performance, says Advance Auto Parts CEOTom Greco, president and CEO of Advance Auto Parts, joins 'Power Lunch' to discuss sinking shares after a Q3 earnings miss, finishing the year with expanded margins and combating weakness in relative topline performance.
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