On August 20, Advance Auto Parts Inc. (NYSE: AAP) reported Q2 net income of $55 million (90 cents per share), compared with $15 million (25 cents per share) a year earlier.
Adjusted earnings per share were $1.03 (of which $0.31 was attributable to a one-time refund of previously paid import duties). Revenue for the reporting period declined to $2.00 billion from $2.01 billion in the same quarter last year. The company’s comparable store sales fell 0.5%. Preliminary forecasts had called for adjusted earnings of 80 cents per share on revenue of $2.04 billion.
The company confirmed its revenue outlook in the range of $8.485–8.575 billion (versus a consensus forecast of $8.58 billion), but raised its adjusted earnings per share expectations to $2.60–3.30 from the previous $2.40–3.10.