Tags: US | Advance | Auto | Parts | Mover

Advance Auto Parts Shares Rise After Profit Jumps

Thursday, 12 Aug 2010 03:23 PM

Shares of Advance Auto Parts rose Thursday after the company reported a 25 percent gain in quarterly earnings and lifted its outlook for the year.

Advance Auto Parts reported a strong fiscal second-quarter after the market closed Wednesday, saying its bottom line was helped by the net addition of 90 new stores over the last year. The company also raised its 2010 earnings outlook to $3.70 to $3.80 per share.

After a moribund 2009, the auto industry is slowly recovering from one of the worst downturns it has ever faced. Advance Auto Parts, which relies on the do-it-yourself car repair market, has been expanding its base of retail stores during the first half of the year.

Wedbush Morgan analyst Camilo Lyon said Advance Auto Parts posted "another blowout quarter" and reiterated an "Outperform" rating on the company's stock.

However, Scot Ciccarelli of RBC Capital Markets noted that the company's raised earnings-per-share guidance is based in part by big company stock buybacks.

Shares of Advance Auto Parts gained $2.84 cents, or 5.5 percent, to $54.75 in afternoon trading.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
InvestingAnalysis
Shares of Advance Auto Parts rose Thursday after the company reported a 25 percent gain in quarterly earnings and lifted its outlook for the year.Advance Auto Parts reported a strong fiscal second-quarter after the market closed Wednesday, saying its bottom line was helped...
US,Advance,Auto,Parts,Mover
177
2010-23-12
Thursday, 12 Aug 2010 03:23 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved