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Advance Auto Parts: Q1 Sales Flat, Earnings Beat Wall Street Estimates

“We are pleased to report another quarter of operational improvement as we begin the second year of our five-year plan,” said Tom Greco, Advance Auto Parts president and CEO.

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Advance Auto Parts reported slightly lower sales for the first quarter but posted better-than-expected earnings, as the company begins the second year of its five-year improvement plan.

First-quarter net revenue was $2.9 billion, down 0.6 percent from first-quarter 2017, while comparable-store sales slipped 0.8 percent year-over-year.

Net income was $136.7 million, up from nearly $108 million in first-quarter 2017.

The retailer’s earnings per share beat Wall Street’s estimates. Adjusted EPS was $2.10 – up 31 percent from first-quarter 2017 – and GAAP EPS jumped 26 percent to $1.84.

“We are pleased to report another quarter of operational improvement as we begin the second year of our five-year plan,” Advance President and CEO Tom Greco said in a news release. “Through the commitment of our entire team and a relentless focus on execution, we were able to deliver operating margin expansion and double-digit EPS growth in the first quarter. In addition, we have taken a disciplined approach to significantly improve both working capital and cash generation.

“Our first-quarter performance reinforces our commitment to making consistent progress on the transformation of Advance, strengthening our customer value proposition and driving increased value for our shareholders.”

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