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Advanced Auto Parts Inc. NYSE: AAP stock fell 3.8% on August 23, the day after the company reported significantly lower profits than analysts expected in the company's second quarter 2024 earnings report. However, that was after AAP stock plummeted nearly 20% in pre-market trading after the report dropped after the market closed on August 22.
Advance Auto Parts Inc. AAP reported weak second-quarter earnings and slashed FY24 outlook on Thursday.
Management is struggling with its pricing initiatives and slashed its full-year guidance. The turnaround strategy is not progressing as well as board members expected.
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Advance Auto Parts reported soft earnings and cut full-year guidance significantly, raising concerns about the company's projected turnaround. The company's profit margins are continuing to trend in the wrong direction despite the focus on cost-cutting. The WorldPac sale helps improve the company's balance sheet but raises questions about long-term strategic direction.
Advance Auto Parts has sold its wholesale operation Worldpac for $1.5 billion. The sale, to funds managed by the Carlyle Group, is expected to be finalized by the end of the year, Advance said in a Thursday (Aug. 22) news release.
Advance Auto Parts, Inc. (NYSE:AAP ) Q2 2024 Earnings Conference Call August 22, 2024 8:00 AM ET Company Participants Lavesh Hemnani - Vice President, Investor Relations Shane O'Kelly - President and Chief Executive Officer Ryan Grimsland - Executive Vice President and Chief Financial Officer Conference Call Participants Greg Melich - Evercore ISI Simeon Gutman - Morgan Stanley Bret Jordan - Jefferies Scot Ciccarelli - Truist Michael Lasser - UBS Christian Carlino - JPMorgan Seth Sigman - Barclays Steven Zaccone - Citigroup Brian Nagel - Oppenheimer Seth Basham - Wedbush Securities Chris Bottiglieri - BNP Paribas Operator Welcome to the Advance Auto Parts Second Quarter 2024 Earnings Conference Call. Before we begin Lavesh Hemnani, Vice President, Investor Relations will make a brief statement concerning forward-looking statements that will be discussed on this call.
Advance Auto Parts' profits fell 43% year over year in Q2, despite only a tiny drop in sales. Management will sell its Worldpac wholesale auto parts business, reducing future revenue more dramatically.
Advance Auto Parts (AAP) came out with quarterly earnings of $0.75 per share, missing the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $1.43 per share a year ago.