AAP stock is up alongside earnings results
ByWilliam White, InvestorPlace WriterFeb 28, 2024, 11:06 am EDT
- Advance Auto Parts (AAP) stock is up on Wednesday after releasing its latest earnings report.
- That’s despite it missing estimates for the fourth quarter.
- The company does have a strong EPS outlook for 2024, however.
Advance Auto Parts (NYSE:AAP) stock is on the move Wednesday after the company released its earnings report for the fourth quarter of 2023.
The Advance Auto Parts earnings report starts with diluted earnings per share of -59 cents. That’s a surprise loss next to Wall Street’s estimate of 22 cents per share. It’s also a negative switch from the $1.39 per share reported the same time last year.
On the flip side, the company’s revenue for the quarter came in at $2.46 billion. That matched what analysts were expecting from the firm in Q4 2023, even if it was down slightly from the $2.47 billion reported in Q4 2022.
Shane O’Kelly, President and CEO of Advance Auto Parts, addressed the poor earnings results:
“Our full year results are well below our expectations, and we are focused on instilling greater discipline and accountability both in the fundamental business and in how the organization executes across the board. In addition to the operational improvements we are implementing, we are strengthening internal controls and enhancing the quality of our accounting information to help better inform how we drive the business forward.”
What’s Next for AAP Stock?
Looking ahead, Advance Auto Parts estimates diluted EPS ranging from $3.75 to $4.25 for 2024. That would see it beat out Wall Street’s estimate of $3.57 per share for the year.
The company is also expecting revenue in 2024 to come in between $11.3 billion and $11.4 billion. That would come up short next to analysts’ 2024 revenue estimate for $11.46 billion.
AAP stock is up 4.9% as of Wednesday morning with 2.5 million shares traded. That’s already above its daily average trading volume of about 1.6 million shares.
Investors looking for more of the most recent stock market happenings are in the right place!
InvestorPlace is home to all of the hottest stock market stories worth reading about on Wednesday. A few examples include what’s going on with shares of Novavax(NASDAQ:NVAX) stock, Bumble(NASDAQ:BMBL) layoffs details and the latest on Coupang(NYSE:CPNG) stock. You can read up on all of these topics at the following links!
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On the date of publication, William Whitedid not hold (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2024/02/why-is-advance-auto-parts-aap-stock-trending-today/.
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