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Advance Auto Parts profit beats Street estimates

Published on NewsOK Modified: February 6, 2014 at 11:16 am •  Published: February 6, 2014

RICHMOND, Va. (AP) — Advance Auto Parts Inc. said its fourth-quarter profit fell 24 percent on costs related to the acquisition of two car parts suppliers.

But its adjusted earnings and its forecast for 2014 beat Wall Street expectations, driving its shares to an all-time high Thursday.

The Roanoke, Va., seller of windshield wipers, batteries and other auto parts acquired privately held Northeast car parts supplier B.W.P. Distributors Inc. in late 2012. Last month, it completed a $2.04 billion deal for privately held distributor and supplier General Parts International Inc., which the companies said would create the biggest automotive replacement parts provider in North America.

It now operates more than 5,295 stores in the U.S., Puerto Rico and the Virgin Islands.

Advanced Auto Parts reported net income of $49.3 million, or 67 cents per share, for the quarter ended Dec. 31, down from $65.1 million, or 88 cents per share, a year ago.

It said its adjusted earnings were 94 cents per share, easily beating the 81 cents per share consensus of analysts polled by FactSet.

Revenue increased 6 percent to $1.41 billion from $1.33 billion a year ago. Analysts expected revenue of $1.39 billion.

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