Advance Auto Parts Stock Dips Amid Slow Start To 2024 - What's Going On? (UPDATED)
Portfolio Pulse from Nabaparna Bhattacharya
Advance Auto Parts Inc. (NYSE:AAP) shares are trading lower after reporting mixed first-quarter results for 2024. The company beat EPS estimates but missed on sales, and experienced a decline in gross profit and operating income. Despite reaffirming its 2024 EPS outlook, the stock is down 10.4%.
May 29, 2024 | 1:44 pm
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Advance Auto Parts reported mixed Q1 2024 results, with EPS beating estimates but sales missing. The company saw declines in gross profit and operating income. Despite reaffirming its 2024 EPS outlook, the stock is down 10.4%.
The mixed earnings report, with a beat on EPS but a miss on sales, along with declines in gross profit and operating income, has led to a significant drop in AAP's stock price. The reaffirmation of the 2024 EPS outlook was not enough to offset the negative sentiment.
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IMPORTANCE 90
RELEVANCE 100