Advance Auto Parts Stock Gets Hammered After Q1 Earnings: Here's Why
Portfolio Pulse from Shivani Kumaresan
Advance Auto Parts Inc (NYSE:AAP) reported Q1 FY23 sales growth of 1.3% YoY, missing analyst estimates, and reduced its full-year guidance. The company also decided to cut its quarterly dividend by 83%.
May 31, 2023 | 11:50 am
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Advance Auto Parts' Q1 FY23 sales growth missed estimates, and the company reduced its full-year guidance and cut its quarterly dividend by 83%.
Advance Auto Parts missed Q1 sales estimates and reduced its full-year guidance, indicating weaker performance than expected. Additionally, the company cut its quarterly dividend by 83%, which will likely disappoint income-focused investors. These factors are expected to negatively impact the stock price in the short term.
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