RALEIGH, N.C. (AP) — RALEIGH, N.C. (AP) — Advance Auto Parts Inc. (AAP) on Thursday reported first-quarter net income of $24 million.
The Raleigh, North Carolina-based company said it had net income of 40 cents per share. Losses, adjusted for one-time gains and costs, were 22 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 81 cents per share.
The auto parts retailer posted revenue of $2.58 billion in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $2.5 billion.
Advance Auto Parts expects full-year earnings in the range of $1.50 to $2.50 per share, with revenue in the range of $8.4 billion to $8.6 billion.
Advance Auto Parts shares have fallen 34% since the beginning of the year. The stock has declined 56% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAP at https://www.zacks.com/ap/AAP
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