ROANOKE, Va. – Advance Auto Parts saw profits jump 19 percent during the second quarter and the acquisition of General Parts drove sales up by more than 50 percent.
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The company beat Wall Street expectations on both counts and shares rose almost 5 percent in early trading after the company raised its profit guidance for the year.
The Roanoke company posted net income of $139.5 million, or $1.89 per share, from $116.9 million, or $1.59 per share, in the same quarter a year ago.
Per-share earnings came in at $2.08 when one-time items are removed, topping Wall Street projections by 7 cents, according to a poll by Zacks Investment Research.
Total revenue at the auto parts retailer rose 52 percent to $2.35 billion, from $1.55 billion in the same quarter a year earlier. Analysts had been looking for revenue of $2.32 billion, according to Zacks.
Shares of Advance Auto Parts Inc. rose $6.01 to $128.94 in premarket trading and are up nearly 50 percent over the past 12 months.