Advance Auto Parts (AAP) Misses Q1 EPS by 9c; CFO to Leave

Advance Auto Parts (NYSE: AAP) reported Q1 EPS of $2.51, $0.09 worse than the analyst estimate of $2.60. Revenue for the quarter came in at $2.98 billion versus the consensus estimate of $3 billion. Comps fell 1.9%.

Advance also announced that Mike Norona, Chief Financial Officer, will be leaving the Company. Mr. Norona has agreed to remain in his current role until a successor has been named and will assist with an orderly transition. The Company has commenced an external search for a new CFO.

“Our first quarter results did not meet our expectations," said Tom Greco, Chief Executive Officer. "We are moving forward with urgency to drive improved performance. Our customers are our top priority and we are elevating our intensity to get the right parts to the right place at the right time as we empower our team members to serve the customer better than anyone else.”

Greco continued, “I have been energized by the strength and the quality of our team and the opportunity that lies ahead. I am confident our focus and commitment around delivering improved service for our customers will translate into increased profitability and shareholder value."

For earnings history and earnings-related data on Advance Auto Parts (AAP) click here.

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