Advance Auto Parts 2nd-quarter profit increases 19 percent, tops forecast

MarketsAssociated Press

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.

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.

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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.