Advance Auto Parts Q1 Profit Misses Estimates; Revises FY15 Cash EPS Outlook

(RTTNews) - Advance Auto Parts, Inc. (AAP), the largest automotive aftermarket parts provider in North America, reported first-quarter net income of $148.1 million or $2.00 per share, compared to $147.7 million or $2.01 per share, prior year. Comparable cash earnings per share was $2.39, an increase of 6.2% from the first quarter last year.

On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $2.48 for the quarter. Analysts' estimates typically exclude special items.

Total sales increased 2.3% to $3.04 billion, compared to $2.97 billion, last year. Analysts expected revenue of $3.05 billion for the quarter.

The company said its sales increase was driven by the addition of new stores over the past 12 months and a comparable store sales increase of 0.7%. Sales were unfavorably impacted primarily from integration activities and unfavorable weather.

Advance Auto Parts revised its full year comparable cash EPS outlook down to $8.10 to $8.30. Analysts expect the company to report full year earnings per share of $8.51.

"Our first quarter results were softer than we expected primarily driven by the change impacts of our integration activities," said Mike Norona, Executive Vice President and CFO.

On May 20, 2015, the company's Board declared a regular quarterly cash dividend of $0.06 per share to be paid on July 2, 2015 to stockholders of record as of June 19, 2015.