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Advance Auto Parts Inc. (NYSE:AAP) reported weak second-quarter earnings and slashed FY24 outlook on Thursday.
The company reported earnings per share of 75 cents, missing the street view of $1.07. Quarterly sales of $2.683 billion beat the street view of $2.679 billion.
Advance Auto Parts revised its FY24 outlook, lowering its earnings per share forecast to $2.00 – $2.50 from the previous range of $3.75 – $4.25, which contrasts with the $3.63 estimate. Additionally, the company adjusted its sales projection to $11.15 billion – $11.25 billion, down from $11.30 billion – $11.50 billion, versus the $11.30 billion estimate.
In a separate press release, the company has confirmed a definitive agreement to sell Worldpac, Inc., its automotive parts wholesale distribution business, to funds managed by global investment firm The Carlyle Group Inc. (NASDAQ:CG) for $1.5 billion in cash.
Advance Auto Parts shares dipped 17.5% to close at $51.10 on Thursday.
These analysts made changes to their price targets on Advance Auto Parts following earnings announcement.
TD Cowen analyst Max Rakhlenko maintained Advance Auto Parts with a Hold and lowered the price target from $65 to $55.
Evercore ISI Group analyst Greg Melich maintained Advance Auto Parts with an In-Line and cut the price target from $64 to $60.
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