Advance Auto Parts (AAP) Tops Q1 EPS by 26c, Updates Guidance
Advance Auto Parts (NYSE: AAP) reported Q1 EPS of $3.34, $0.26 better than the analyst estimate of $3.08. Revenue for the quarter came in at $3.3 billion versus the consensus estimate of $3.28 billion.
GUIDANCE:
Advance Auto Parts sees FY2021 revenue of $10.4-10.6 billion.
"We continue to see top-line sales strength in the early weeks of the second quarter of 2021," said Jeff Shepherd, executive vice president and chief financial officer. "Through the first four weeks of Q2, our comp sales continue to trend in the mid-teens and on a two-year stack are comparable with our Q1 2021 increase of 15.4%. While we're still anticipating significant volatility throughout the balance of this year due to macro-economic factors, we're again updating our full year guidance to reflect this continued top-line momentum."
| Prior Outlook | Updated Outlook | ||||||
| As of April 20, 2021 | As of June 2, 2021 | ||||||
| Full Year 2021 | Full Year 2021 | ||||||
($ in millions) | Low |
| High | Low |
| High | ||
Net sales | $10,200 |
| $10,400 | $10,400 |
| $10,600 | ||
Comparable store sales | 2.0% |
| 4.0% | 4.0% |
| 6.0% | ||
Adjusted operating income margin (1) | 8.9% |
| 9.1% | 9.0% |
| 9.2% | ||
Income tax rate | 24% |
| 26% | 24% |
| 26% | ||
Capital expenditures | $300 |
| $350 | $300 |
| $350 | ||
Free cash flow (1) | Minimum $575 | Minimum $575 | ||||||
New store openings | 100 |
| 150 | 100 |
| 150 | ||
For earnings history and earnings-related data on Advance Auto Parts (AAP) click here.