RALEIGH, N.C. (AP) 鈥� RALEIGH, N.C. (AP) 鈥� Advance Auto Parts Inc. (AAP) on Thursday reported first-quarter earnings of $24 million.
On a per-share basis, the Raleigh, North Carolina-based company said it had net income of 39 cents. Earnings, adjusted for restructuring costs and asset impairment costs, were 77 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The auto parts retailer posted revenue of $2.61 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $2.56 billion.
Advance Auto Parts expects full-year earnings in the range of $2.40 to $3.10 per share, with revenue in the range of $8.49 billion to $8.57 billion.
Advance Auto Parts shares have risen 30% since the beginning of the year. The stock has risen 50% in the last 12 months.
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