Advance Auto Parts Surges as Quarterly Profit Tops EstimatesPatrick Ralph
Advance Auto Parts Inc. climbed to a record after the retailer reported second-quarter earnings that beat analysts’ estimates.
Profit excluding some items was $2.27 a share, the Roanoke, Virginia-based company said in a statement Thursday. The average of 20 estimates compiled by Bloomberg was $2.25.
Advance is still digesting the January 2014 acquisition of General Parts International Inc. The company operates more than 5,200 stores as well as 117 distribution centers. Revenue for the quarter ended July 18 was $2.37 billion, missing the $2.38 billion average estimate.
The second-quarter results “were in line with our expectations given the continuing demand of the General Parts integration,” Chief Executive Officer Darren Jackson said in the statement. “Our integration continues to be on track overall along with our sales and profitability.”
The shares rose 9.2 percent to $187.79 in New York for the highest closing price since they began trading in November 2001. The stock was the biggest gainer Thursday in the Standard & Poor’s 500 Index and has advanced 18 percent this year.
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