Welcome to our dedicated page for Advance Auto Parts news (Ticker: AAP), a resource for investors and traders seeking the latest updates and insights on Advance Auto Parts stock.
Advance Auto Parts, Inc. reports developments for an automotive aftermarket parts retailer serving professional installers and do-it-yourself customers in North America. Company news commonly covers quarterly earnings, full-year guidance, comparable-store sales, operating-margin initiatives, store and distribution activity, and execution of its retail-focused strategic plan.
Updates also address customer programs such as Advance Rewards, the Carquest independent-store network, board appointments, investor conference appearances, and brand marketing partnerships. The company operates primarily in the United States with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands, and serves Carquest-branded stores across Mexico and Caribbean markets.
Advance Auto Parts (NYSE: AAP) has appointed Michael Beland as senior vice president, controller and chief accounting officer, effective January 5, 2025. Beland, 53, brings over 25 years of accounting and finance experience and will oversee enterprise-wide accounting operations, tax, external financial reporting, and compliance. He previously served as chief accounting officer at Driven Brands Holdings and held positions at Wolfspeed, PPD, OrthoSynetics, and major accounting firms. Beland holds a B.S.B.A. and master's degree in accounting, and is a Certified Public Accountant and Chartered Global Management Accountant.
Advance Auto Parts (NYSE: AAP) reported Q3 2024 results with net sales of $2.1 billion, down from $2.2 billion year-over-year, and comparable store sales decreased 2.3%. Gross profit increased 11.0% to $907.9 million (42.3% of net sales). The company announced an Asset Optimization Program targeting reduction of 500 corporate stores, 200 independently owned locations, and four distribution centers by mid-2025.
The company completed the sale of Worldpac for approximately $1.5 billion and introduced new fiscal 2027 financial objectives targeting approximately 7% adjusted operating income margin. For full-year 2024, AAP expects comparable store sales of approximately -1.0% and adjusted operating income margin between 0.25% and 0.75%.
Advance Auto Parts (NYSE: AAP) has completed the sale of Worldpac, Inc. to Carlyle (NASDAQ: CG) for $1.5 billion, with estimated net proceeds of $1.2 billion after taxes and transaction costs. The transaction, initially announced on August 22, 2024, aims to simplify AAP's business model and strengthen its balance sheet. The company will provide updated strategic priorities and financial objectives for its blended-box business during its third quarter 2024 earnings call on November 14, 2024.
Advance Auto Parts (NYSE: AAP) has scheduled its third quarter 2024 financial results announcement for Thursday, November 14, 2024, before market opening. The automotive aftermarket parts provider will host a conference call and webcast at 8:00 a.m. ET on the same day. The results will cover the period ended October 5, 2024. Investors can access the live webcast through the company's Investor Relations website, with pre-registration required for phone participation. A replay will be available online for one year.
Advance Auto Parts (NYSE: AAP) reported its Q2 2024 results with flat net sales of $2.7 billion and a 0.4% increase in comparable store sales. The company's gross profit decreased 2.3% to $1.1 billion, with a margin of 41.5% compared to 42.5% in Q2 2023. Operating income fell to $71.8 million (2.7% of net sales) from 4.7% in Q2 2023. Diluted EPS dropped to $0.75 from $1.32 year-over-year.
AAP announced the sale of Worldpac for $1.5 billion to strengthen its balance sheet. The company declared a regular cash dividend of $0.25 per share. For the full year 2024, AAP projects net sales between $11,150 million and $11,250 million, with comparable store sales ranging from -1.0% to 0.0%.
Advance Auto Parts (NYSE: AAP) has announced the sale of its Worldpac subsidiary to Carlyle (NASDAQ: CG) for $1.5 billion in cash. The transaction, expected to close by year-end, aims to simplify Advance's structure and focus on its core blended box business. Net proceeds of approximately $1.2 billion will be used to strengthen the balance sheet and invest in the business.
Worldpac, an automotive parts wholesale distribution business, generated $2.1 billion in revenue and $100 million in EBITDA over the last twelve months. The sale is part of Advance's strategic review to improve productivity and position the company for future growth. Carlyle views this acquisition as an opportunity to leverage its experience in industrial carve-outs, having invested ~$13 billion in similar transactions over the past two decades.
Advance Auto Parts (NYSE: AAP) has announced its upcoming second quarter 2024 earnings release and conference call. The company, a leading automotive aftermarket parts provider in North America, will report its Q2 2024 results before the market opens on Thursday, August 22, 2024. A webcast for interested parties is scheduled to begin at 8:00 a.m. Eastern Time on the same day.
The webcast will be accessible via the company's Investor Relations website. For those joining by phone, pre-registration is required to receive dial-in information and a passcode. Advance Auto Parts recommends registering at least a day in advance or 10 minutes before the call starts. A replay of the conference call will be available on the company's Investor Relations website for one year.
Advance Auto Parts (NYSE: AAP) announced significant leadership changes within its merchandising department. Ken Bush, the current senior vice president, chief merchant, is set to retire after nearly 20 years with the company. Bruce Starnes will succeed him as executive vice president, chief merchant, effective June 24, 2024. Starnes joins Advance from Target , where he held various product management roles over nearly two decades, including senior vice president of merchandising capabilities and operations. CEO Shane O’Kelly expressed gratitude for Bush's contributions and excitement for Starnes' appointment, highlighting his extensive experience and proven track record in merchandising operations.
Advance Auto Parts (NYSE: AAP) announced its Q1 2024 results, reporting a 0.3% decrease in net sales to $3.4 billion and a 0.2% drop in comparable store sales. Gross profit fell 2.2% to $1.4 billion, with a margin reduction of 82 basis points to 42.0%. SG&A expenses were $1.3 billion, improving to 39.4% of sales. Operating income stood at $86 million (2.5% of sales), and the effective tax rate increased to 33.2%. Diluted EPS dropped to $0.67 from $0.81. Cash flow from operations was $2.7 million, with a free cash outflow of $46.3 million. The company declared a $0.25 dividend per share. Full-year 2024 guidance projects net sales between $11.3 billion and $11.4 billion, with EPS ranging from $3.75 to $4.25.
Advance Auto Parts (NYSE: AAP) reported its Q1 2024 financial results, showing a net sales decrease of 0.3% to $3.4 billion compared to the same period last year.
Comparable store sales declined by 0.2% and gross profit fell by 2.2% to $1.4 billion. The gross profit margin decreased by 82 basis points to 42%. SG&A expenses improved to 39.4% of net sales from 39.9% due to cost control efforts.
Operating income was $86 million (2.5% of net sales) and the effective tax rate increased to 33.2%. Diluted EPS dropped to $0.67 from $0.81. Free cash flow was an outflow of $46.3 million, better than the $472.5 million outflow in the previous year.
The company declared a dividend of $0.25 per share, payable on July 26, 2024. For the full year, AAP forecasts net sales between $11.3 billion and $11.5 billion, with diluted EPS ranging from $3.75 to $4.25.