© Reuters. Advance Auto Components shares drop 9% following Q3 miss
By Davit Kirakosyan
Advance Auto Components (NYSE:) shares fell greater than 9% after-hours following the corporate’s reported worse-than-expected .
EPS got here in at $2.84, under the consensus estimate of $3.32. Income was $2.6 billion (up 0.8% year-over-year), in comparison with the consensus estimate of $2.64B. The expansion was primarily pushed by strategic pricing and new retailer openings.
“Our deliberate transfer to extend owned model penetration, which carries a lower cost level, lowered web gross sales by roughly 80 foundation factors and comp gross sales by roughly 90 foundation factors,” mentioned Tom Greco, president and CEO of Advance Auto Components.
For fiscal 2022, the corporate expects EPS within the vary of $12.60-$12.80, in comparison with the consensus of $13.02, and income within the vary of $11-11.2B, in comparison with the consensus of $11.1B.
