Advance Auto Parts Shares Slide After Earnings And Revenue Miss

By Tonya GarciaMarketsMarketWatch Pulse

Advance Auto Parts Inc. shares are down 5.8% in Wednesday premarket trading after the company reported first-quarter earnings and sales that missed estimates. Net income was $108.0 million, or $1.46 per share, down from $158.8 million last year, or $2.16 per share. Adjusted EPS was $1.60, missing the $2.16 per share FactSet consensus. Revenue was $2.89 billion, down from $2.98 billion last year and below the $2.95 billion FactSet consensus. Same-store sales fell 2.7% versus the FactSet consensus for a 1.2% decline. Same-store sales were hurt by shifts in New Year's Day to the first quarter of 2017 and winter demand to December, said Chief Executive Tom Greco in a statement. Advance Auto Parts shares are down nearly 17% for the year so far while the S&P 500 index has gained 7.1% for the period.

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