Advance Auto Parts Q3 Profit Down, Cuts FY EPS Outlook; Stock Tanks 10%

(RTTNews) - Shares of Advance Auto Parts, Inc. (AAP) tanked over 10% in extended session Tuesday after the company reported a fall in profit for the third quarter and lowered its adjusted earnings outlook for the full year.

The company's profit for the third quarter totaled $110.98 million or $1.84 per share, down from $169.81 million or $2.68 per share last year.

Excluding items, Advance Auto Parts reported adjusted earnings of $2.84 per share, down from $3.21 last year. Analysts on average had expected the company to earn $3.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose to $2.64 billion from $2.62 billion last year. Analysts had a consensus revenue estimate of $2.64 billion.

Looking ahead to the full year 2022, the company expects adjusted earnings of $12.60 to $12.80 per share, down from prior outlook of $12.75 to $13.25 per share. The company continues to expect sales of $11,000 million to $11,200 million.

Analysts currently estimate earnings of $13.02 per share and revenues of $11.10 billion.

AAP closed Tuesday's trading at $183.94, up $0.16 or 0.09%, on the NYSE. The stock, however, slipped $18.69 or 10.16% in the after-hours trading.