Advance Auto Parts Q3 Profit Rises

(RTTNews) - Advance Auto Parts, Inc. (AAP) Monday reported third-quarter net income of $169.8 million or $2.68 per share, up from $147.5 million or $2.13 per share.

Adjusted earnings for the quarter increased to $3.21 per share from $2.64 per share last year.

Net sales for the quarter were $2.62 billion, up from $2.54 billion last year.

Analysts polled by Thomson Reuters expected earnings of $2.87 per share and revenues of $2.58 billion for the quarter.

"We are pleased with the first three quarters of the year and the continued momentum as we began the fourth quarter," said Jeff Shepherd, executive vice president and chief financial officer. "As a result, we are increasing our full-year 2021 sales and profit guidance to reflect the positive results year-to-date and our expectations for the balance of the year. This guidance incorporates both continued top-line strength as well as higher than planned inflation headwinds.

Looking forward to the full year 2021, the company expects net sales of $10.90 billion to $10.95 billion, up from prior estimate of $10.60 billion to $10.80 billion. Analysts currently estimate earnings of $10.83 billion for the year.